Sales of previously owned homes in the U.S. fell in July for a fifth consecutive month, adding to the inventory of unsold properties and showing the housing slump that triggered a collapse in credit markets will drag on.
Purchases declined 0.2 percent, less than forecast, to an annual rate of 5.75 million, from 5.76 million in June, the National Association of Realtors said today in Washington. That was the slowest pace since November 2002. Sales dropped 9 percent compared with a year earlier.
Here's a link to the data.
Here's the only part of the release that matters. It's a chart of the absolute inventory figures.
These figures are 18.9% higher than last year and represent a 9.6 months of supply.
That is called a glut.
