Existing home sales rose in July, inventory ticked higher

By ALEX VEIGA
AP Business Writer

Sales of previously occupied U.S. homes rose in July for the second month in a row, though they only increased modestly from a year ago, suggesting the red-hot housing market may be cooling off a little.  The National Association of Realtors said Monday that existing homes sales rose 2% last month from June to a seasonally-adjusted annual rate of 5.99 million units. Sales rose only 1.5% from July last year. The median U.S. home price climbed 17.8% from a year ago to $359,900. At the end of July, the inventory of unsold homes stood at 1.32 million homes for sale, up 7.3% from the prior month, but down 12% from July last year. At the current sales pace, that amounts to a 2.6-month supply, the NAR said.