The National Association of Realtors is reporting that existing home sales were down .07% in July, marking the fourth straight month of declines. The median existing-home price for all housing types in July was $269,600, which is up 4.5% from July 2017 and marks the 77th straight month of year-over-year price gains. Total housing inventory at the end of July decreased 0.5% to 1.92 million existing homes available for sale (unchanged from one year ago). Unsold inventory is at a 4.3-month supply at the current sales pace – also unchanged from one year ago.
Lawrence Yun, NAR chief economist, says the continuous solid gains in home prices have now steadily reduced demand. “Led by a notable decrease in closings in the Northeast, existing home sales trailed off again last month, sliding to their slowest pace since February 2016 at 5.21 million,” he said. “Too many would-be buyers are either being priced out, or are deciding to postpone their search until more homes in their price range come onto the market.”
Click here to read the full release at the National Association of Realtors.
