Boston Real Estate Investors Association

Existing Home Sales Drop 5.9% in July

Existing Home Sales Drop 5.9% in July

NAR logoThe 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.

Click here to read the full report at the National Association of Realtors.


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