UPDATE: Existing-Home Sales Up 3.1%, Median Price Down 7.1%, Inventory Rose 3.9%

August 25, 2008 10:12 AM EDT

UPDATE: Existing-home sales increased 3.1% to a seasonally adjusted annual rate of 5.00 million units in July, according to the National Association of Realtors. This was higher than the analyst consensus of a 4.91 million unit rate.

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

Total housing inventory at the end of July rose 3.9 percent to 4.67 million existing homes available for sale, which represents an 11.2.-month supply at the current sales pace, up from a 11.1-month supply in June. The rise in supply results from a sharp increase in condo inventory; the single family supply declined.

Housing stocks: SPDR S&P Homebuilders (AMEX: XHB), Pulte Homes (NYSE: PHM), Toll Brothers (NYSE: TOL), NVR, Inc. (NYSE: NVR), Hovnanian Enterprises (NYSE: HOV), Beazer Homes USA (NYSE: BZH), Ryland Group Inc. (NYSE: RYL), Centex Corporation (NYSE: CTX).

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• Existing-Home Sales
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