WASHINGTON — The National Association of Realtors said thatsales of existing home fell by 1% to 4.89 million units, making fora match with the all-time low slump set last January.

The drop in sales is now eight-months in a row, creating anavailable inventory not seen in recent history. That backlog likelymeans further price drops to spur sales, even as lending guidelinesare constricting.

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