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U.S. Sales of Previously Owned Homes Decline to 11-Month Low

By Tony Seruga

An unexpected decline in sales of previously owned U.S. homes last month to the lowest level since August 2016 indicates rising prices and lean inventories are impeding faster growth in the housing market, National Association of Realtors data showed on Thursday. The July figure was depressed by weakness in the Midwest and Northeast.

HIGHLIGHTS OF EXISTING-HOME SALES (JULY)
Contract closings fell 1.3% m/m to a 5.44m annual rate (est. 5.55m) Median sales price rose 6.2% y/y to $258,300 Inventory of available properties decreased 9% y/y to 1.92m, marking the 26th consecutive year-on-year decline

Key Takeaways

The housing market’s biggest hurdle remains a limited number of properties for sale because it’s keeping home-price growth above the pace of wage gains and leaving prospective buyers with fewer choices. Elevated prices are preventing some from becoming homeowners for the first time…

U.S. Sales of Previously Owned Homes Decline to 11-Month Low

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