Economic Buzz: US Existing Home Sales Fall 5.9% In July

19 Aug 2022 , 09:18 AM

Existing home sales in the U.S. showed another significant decrease in the month of July, according to a report released by the National Association of Realtors. NAR said existing home sales plunged by 5.9 percent to an annual rate of 4.81 million in July after tumbling by 5.5 percent to a revised rate of 5.11 million in June. Existing home sales declined for the sixth consecutive month, falling to their lowest annual rate since May 2020. The report also showed housing inventory at the end of July totaled 1.31 million units, up 4.8 percent from 1.25 million units at the end of June and unchanged from the same month a year ago. The unsold inventory represents 3.3 months of supply at the current sales rate, up from 2.9 months in June and 2.6 months in July 2021. NAR also said the median existing home price tumbled by 2.4 percent to $403,800 in July from $413,800 in June but was still up by 10.8 percent compared $364,600 a year ago. The report also showed single-family home sales dove 5.5 percent to an annual rate of 4.31 million in July, while existing condominium and co-op sales plummeted by 9.1 percent to a rate of 500,000.Powered by Commodity Insights