Inventory Drops Again, Sales Slow

Highlights:

• Existing Home Sales are now at an annual pace of 5.52 million.

• Inventory of existing homes for sale dropped to a 4.3-month supply, marking the 25th month in a row of declines.

• The median price of homes sold in June was $263,800. This is the 64th consecutive month of year-over-year price gains.