Home sales continued their downward spiral in July while housing inventories hit a record high, according to figures released Wednesday by the National Association of Realtors.

Sales of existing homes were down 11.2 percent from July 2005 to a seasonally adjusted rate of 6.33 million units, putting last month’s home sales at the lowest level since 2004. Inventories also spiked to a record high of 3.86 million. That figure represents 7.3 months sales supply — the biggest inventory since spring 1993.