The National Association of Realtors is reporting that existing home sales were up 1.3% in July to a seasonally-adjusted annual rate of 3.95 million – down 2.5% year over year. Total housing inventory at the end of July was 1.33 million units, up 0.8% from June and up 19.8% from one year ago. Unsold inventory sits at a 4-month supply at the current sales rate with properties remaining on the market for around 24 days. The median existing-home price for all housing types in July was $422,600. However, the NAR says affordability is improving, but sales are still sluggish;
“Despite the modest gain, home sales are still sluggish…But consumers are definitely seeing more choices, and affordability is improving due to lower interest rates.” Said NAR Chief Economist Lawrence Yun.
Click here to read the full report at the National Association of Realtors.
