Existing Home Sales for July 2011 Disappoint

The National Association of Realtors is out with its July 2011 existing home sales report.  The best way to describe this is disappointment.  Sales continue to remain sluggish even during the peak of the summer.  The report wasn’t all bad news.  The amount of inventory for sale continues to decline which is good…however, the number of buyers willing to close on a transaction are falling a little faster than the amount of inventory on the market so the month’s supply of housing is actually increasing from 9.2 months supply to 9.4 months for sale.

Calculated Risk as well as the Star Tribune report on this latest data from the National Association of Realtors.

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