Existing home sales down

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Existing home sales were down 3.8 percent in June, according to a report from the National Association of Realtors. Although sales were down for a fourth consecutive month, the report found that median prices were up 0.3 percent from this time last year, the first such price gain in 11 months. Despite the small increase in prices, analysts were not optimistic about the state of the nation’s housing market. “With inventories still way out of line, unless prices fall a lot more, the housing market will not turn around any time soon,” said Joel L. Naroff, chief economist at Naroff Economic Advisors. more [AP via NYT]