U.S. existing home sales rose 2.3% m/m to an annualized 4.47 million unit rate in July, which was weaker than the 4.5 million units expected by consensus, but closer to our forecast for 4.45 million units. Existing home sales were up 10.4% over July 2011. Single family sales rose 2.1% m/m to a 3.98 million unit rate, while condo/coops rose by an even larger 4.3% m/m to 490,000 units in July. Inventory of unsold homes rose 1.3% to 2.4 million units in July, representing a 6.4 months’ supply of unsold homes, down from 6.5 months in June as notable shortages in the lower price range homes are keeping opportunities for first time home buyers limited. The median price of existing homes climbed 9.4% year-over-year to $187,300, the strongest gain since January 2006. The report will likely be largely overlooked by markets today focusing on news from Europe and the upcoming Fed FOMC minutes.