The National Association of Realtors is reporting that existing home sales were down 2,2% in July to a seasonally-adjusted annual rate of 4.07 million (down 16.6% year over year). Total housing inventory at the end of July was 1.11 million units, up 3.7% from June but down 14.6% 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 20 days. The median existing-home price for all housing types in July was $406,700, up 1.9% from one year ago.
Lawrence Yun lays it out:
“Two factors are driving current sales activity – inventory availability and mortgage rates…Unfortunately, both have been unfavorable to buyers.” Said the NAR’s Chief Economist Lawrence Yun.
Click here to read the full report at the National Association of Realtors.
