Existing Home Sales Drop 5.9% in July
The National Association of Realtors is reporting that existing home sales were down 5.9% in July to a seasonally-adjusted annual rate of 4.81 million (down 20.2% year over year). Total housing inventory at the end of July was 1,310,000 units, up 4.8% from June and unchanged from one year ago. Unsold inventory sits at a 3.3-month supply at the current sales rate with properties remaining on the market for around 14 days. The median existing-home price for all housing types in July was $ 403,800, up 10.8% from one year ago. Once again, the NAR says this marks 125 consecutive months of year-over-year increases – still the longest-running streak on record.
“The ongoing sales decline reflects the impact of the mortgage rate peak of 6% in early June…Home sales may soon stabilize since mortgage rates have fallen to near 5%, thereby giving an additional boost of purchasing power to home buyers.” Said NAR Chief Economist Lawrence Yun.