Existing home sales dropped again in July for the fifth straight month, marking the slowest pace in roughly five years.
The National Association of Realtors reported a 0.2% dip in existing home sales last month to a seasonally adjusted 5.75 million unit annual rate.
Existing sales volume was 9% below year ago levels, and the slowest since November of 2002.
Sales fell 2.2% in the Midwest, no change in the South, up 1.8% in the West, and up 1% in the Northeast.
Yun noted that home sales were likely affected by the recent liquidity fears and subsequent lender fallout, making it more difficult for potential homeowners to obtain financing.
That waiting, among other things has caused the inventory of unsold homes to rise by 5.1% through July to a record of 4.59 million units.
The inventory of homes for sale hit its highest level ever, rising 5.1% to 4.59 million, representing 9.6 months worth of supply at the current sales pace.
The median home price fell 0.6% from a year ago to $228,900, marking the 12th straight month prices have declined.
Gulp.
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