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 homes, 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 million -- their lowest level since May 1995, when the sales rate was 3.34 million. NAR attributed the decrease in e...
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