Sales of existing homes leapt to their fastest annual pace since August 2007 – 5.24 million units.  The NAR (National Association of Realtors) noted that distressed sales were still 31 percent of transactions and the new homebuyer tax credit had “significant impact”.

Sales were up 7.2 percent in July with solid gains in both multi and single family properties.  On a year-over-year basis, sales increased for the first time since 2005.

While sales moved higher so did inventory levels.  Inventories moved back above 4.0 million units for the first time since last fall.  As potential sellers see some marginal improvements in the marketplace, they may have been encouraged to list properties previously held off the market.

Source:  National Association of Realtors and Wells Fargo Securities, LLC