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NAR: Resale home prices, sales fall

California median price drops a record 40.3% in July

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The sales rate for of U.S. resale homes dropped 13.2 percent in July compared to the same month last year, and the national median price dropped 7.1 percent, the National Association of Realtors reported today. In California, meanwhile, sales of single-family resale homes soared 43.4 percent year-over-year in July while the median price sank a record 40.3 percent, the California Association of Realtors trade group reported in a separate announcement. NAR reported that the seasonally adjusted annual rate of U.S. single-family home sales, including townhomes, condos and co-ops, reached 5 million in July, which is up 3.1 percent compared to June but down from the rate of 5.76 million units in July 2007. For-sale housing inventory reached a level of 11.2 months in July. A for-sale inventory of six months is generally considered to represent a market equilibrium, with higher inventory levels representing a buyer's market and lower inventory levels representing a seller's market....