Sales of existing homes fell again in July to 5.750M units. Though the decline of 0.2% from a revised 5.76M in June was slight, it still amounted to the lowest level since 2002 and was down 9.0% from the year earlier level. Sales were down 20.2% from the peak during September of 2005. Sales of 5.70M were expected by the Consensus of economists.

Sales of single family homes fell 0.4% last month to 5.0M after a revised 3.3% decline in June. Sales were 20.6% below the peak month of September 2005.

By region, single family home sales rose 1.4% (-2.7% y/y) in the Northeast but n the West sales rose 1.0% (-15.5% y/y) in July. Sales in the Midwest slipped 1.6% (-4.8% y/y) and down South sales slipped 1.0% (-10.4% y/y).

The inventory of single family "homes on the market" rose 2.7% (16.3%.

The median price of an existing single family home slipped 0.3% and versus last year fell 1.0%.

The broad aggregate data on existing home sales are included in Haver's USECON database; details about prices by region and inventories are available in the REALTOR database.

International Trade: A Larger Piece of the Economic Pie from the Federal Reserve Bank of Atlanta is Available here.