NAR: July Home Sales Up From June

Existing-home sales hit a five-month high in July, according to data released by the National Association of Realtors (NAR). However, NAR also noted sales have stayed in a "relatively narrow range" over the past 11 months.

Existing-home sales -- including single-family, townhouses, condominiums and co-ops -- jumped 3.1 percent in July to 5 million units from 4.85 million in June. July sales were 13.2 percent lower than the 5.76 million-unit pace in July 2007.

The national median existing home price for all housing types was $212,400 in July, down 7.1 percent from a $228,600 median price a year ago.

Inventory remained high in July, growing 3.9 percent to 4.67 million houses, which is an 11.2-month supply.

Source: National Association of Realtors