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News & Information: Real Estate News

National sales tally defies drought of inventory

Wednesday, August 22, 2012  
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Sales of existing homes rose in July even with constraints of affordable inventory, and the national median price is showing five consecutive months of year-over-year increases, according to the National Association of REALTORS®.

Total existing-home are 10.4 percent above the 4.05 million-unit pace in July 2011. Lawrence Yun, NAR chief economist, points out that the housing market is constrained by unnecessarily tight lending standards and shrinking inventory supplies. "Housing could easily be much stronger without these abnormal frictions,” he says.

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