· The National Association of Realtors reported that total existing home sales fell 4.1% during July to 6.330M, the fourth consecutive m/m decline. The decline compared to Consensus expectations for a lesser decline to 6.55M.

· Sales of single-family homes fell 5.0%, the sixth m/m decline this year. Versus the first seven months of 2005 sales this year are down 5.4%.

· The data cover sales closed in the latest and previous months and contrast to the new home sales data which count sales at the signing of a contract.

· Sales in the Northeast fell 8.5% m/m (-12.8% y/y) and in the Midwest sales fell 6.7% (-11.3% y/y). In the South sales slipped 2.1% (-6.9% y/y) and in the West (-14.1% y/y) sales dropped 6.3% (-18.4% y/y). 

· The median price of an existing single-family home ticked up 0.5% m/m and prior year's figures were revised up. The price figures are not seasonally adjusted. 

· The inventory of unsold existing homes surged another 3.2% (39.9% y/y). The supply of unsold single family homes rose 2.5% (40.4% y/y) and the supply of condos & coops for sale rose 7.3% m/m (36.9% y/y).

· The latest release from the National Association of Realtors is available here.

· Reflections on monetary policy: Flexibility, transparency and inflation from the Federal Reserve Bank of Chicago is available here. 

Existing Home Sales (000, AR)

July

June

Y/Y

2004

2003

Total Home Sales

 6,330

6,600

-11.2%

6,722

6,176

  Single Family Home Sales

5,510

5,800

-11.4%

5,912

5,443

Single Family Median Home Price (000)

$231.2

$230.1

1.5%

$192.8

$178.3