Inventory of homes hits another high

Inventories of homes rose 0.2% at the end of June to 4.49 million available for sale, which represented a 11.1-month supply at the current sales pace. There was a 10.8-month supply at the end of May. Sales fell 6.6% in the Northeast, 3.4% in the Midwest, and 3.1% in the South. Sales rose 1.0% in the West.