What is seldom reported by our amazingly accurate media is that the NEW home sales figures do not include cancellations…which is what has been hurting big home developers recently.  The new home sales figures are bloated simply because they decide not to include deals that are no longer in contract…that makes sense.

Today, the National Association of Realtors reported that existing home sales fell 0.2% in July, marking the fifth consecutive monthly decline. On a year over year basis, sales dropped 9.0%, while the median price of an existing home dropped 0.6% to $228,900, and the supply of homes for sale at the end of the month climbed 5.1%. At the current sales pace, that represented 9.6 months’ of inventory, the most since October 1991. I like their title for the article though.  It is all about perception in the marketplace my friends.

[tags]Home Sales, Existing Home Sales, NAR, National Association of REALTORS, Real Estate[/tags]