U.S. HOME SALES FELL IN JULY, EXTENDING SLUMP

Key Points:

  • Existing-home sales fell 2.2% in July from June to a seasonally adjusted annual rate of 4.07 million.
  • Existing-home sales fell 16.6% from one year ago.
  • The median existing-home sales price for July rose 1.9% from one year ago to $406,700.
  • This is the fourth time the monthly median sales prices eclipsed $400,000, joining June 2023 ($410,000), June 2022 ($413,800) and May 2022 ($408,600).
  • First-time buyers were responsible for 30% of sales in July, up from 27% in June and 29% in July 2022.
  • “Two factors are driving current sales activity—inventory availability and mortgage rates,” said Lawrence Yun, NAR’s chief economist. “Unfortunately, both have been unfavorable to buyers.”
  • The Right Facts will continue to monitor home sales.
Source