Existing-Home Sales Fell Again In July
Summary
Total existing-home sales — completed transactions that include single-family homes, townhomes, condominiums, and co-ops — slipped 5.9% in July from June to a seasonally adjusted annual rate of 4.81 million, according to NARs report. "The ongoing sales decline reflects the impact of the mortgage rate peak of 6% in early June," said NAR Chief Economist Lawrence Yun. Realtor.coms Market Trends Report in July shows that the largest year-over-year median list price growth occurred in Miami (+36.2%), Memphis, Tenn., (+32.7%), and Orlando (+28.4%). Existing condominium and co-op sales were recorded at a seasonally adjusted annual rate of 500,000 units in July, down 9.1% from June and down 29.6% from a year ago. "The action is in the pricey West region, which experienced the sharpest sales decline combined with a sizable inventory increase," Yun said.