The news was full of sales data from many sides about the sharp dip which existing-home sales took in July on the heels of the expiration of the home buyer tax credit. However, according to the National Association of REALTORS®, home prices continued to gain.

Existing-home sales, which include completed transactions of single-family, townhomes, condominiums, and co-ops, dropped 25.5 percent from July, 2009. This meant that the seasonally adjusted annual rate was 3.83 million units in July, 2010, vs. 5.26 million in June, 2010. This is the lowest level since May of 1995.

The total housing inventory increased 2.5 percent to 3.98 million homes available for sale (a 12.5-month supply at the current pace, up from an 8.9-month supply in June); however, the median existing single-family home price was $183,400 in July, which is 0.9 percent above a year ago.

Although existing-home sales in the Northeast dropped 29.5 percent to an annual pace of 620,000 in July and are 30.3 percent lower than a year ago, the median price in the Northeast was $263,800, which is up 4.8 percent from July 2009.
Source: NAR

 August, 2010