- Existing-home sales fell for the sixth straight month to a seasonally adjusted annual rate of 4.81 million, the lowest rate since November 2015.
- Existing-home sales fell 5.9% in July from June and 20.2% from one year ago.
- Consensus among economists was a 0.2% drop.
- The median existing-home sales price climbed 10.8% from one year ago to $403,800, but is down from last month’s record high of $413,800.
- This marks 125 consecutive months of year-over-year increases, the longest-running streak on record.
- First-time buyers were responsible for 29% of sales in July, down from 30% in June and July 2021.
- The Right Facts will continue to monitor home sales.