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.