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Home sales were up 7.6 percent in August from July’s depressed numbers, but were still down from 2009 as the market deals with the tax credit hangover and a sputtering economy.
The 4.13 million annual rate in August was an increase from July’s record low, but was still the second-lowest on record, 19 percent below the numbers from a year ago.
Prices were up slightly (0.8 percent) to a median sale price of $178,600 and a 34 percent of homes sold were “distressed” (either foreclosures or short sales).
In slightly positive news, the inventory of homes for sale did rop to an 11.6-month supply. While still extremely high, that number is down from July’s record 12.5-month supply. (A healthy market is usually considered to have about a six-month supply.)
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