Home sales still weak throughout the country

The National Association of Realtors said 5.75 million existing homes (seasonally adjusted) were sold in July, a drop of 9 percent from 6.32 million in July 2006. The volume was down 0.2 percent from June, the fifth consecutive month of declines. The number includes single-family, townhomes, condos and co-ops.

The median home price fell for the 12th consecutive month, to $228,900. That was down 0.6 percent from last July's record median of $230,200.

Looking at just existing single-family homes, sales of 5 million units in July were down 9.3 percent from last July, and the median price was $228,600, a 1 percent drop from last year.

Sales of existing condos and co-ops were at 750,000, down 7.5 percent from last July.

The sales slump was most pronounced in the Western United States, where the 1.12 million existing homes sold represented a 15.2 percent decline from a year ago.

In the Northeast, sales were 2.9 percent lower than in July 2006. They were down 10.7 percent in the South and 5.6 percent in the Midwest.

Nationwide, the group said, inventory of existing homes stood at 9.6 months in July, the highest level in 16 years.