Sales of existing homes fell to their lowest level on record in July even as home prices edged up, according to a report by the National Association of Realtors.
Completed transactions of existing single-family, townhomes, condominiums and co-ops fell 27.2 percent to a seasonally adjusted annual rate of 3.83 million units in July from a downwardly revised 5.26 million in June, the report said. Sales also fell 25.5 percent compared to July 2009.
That's the lowest rate since NAR began keeping track of total existing-home sales in 1999, the report said. Single-family home sales, which account for most transactions, fell to a seasonally adjusted annual rate of 3.37 mil