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August 24, 2016
Existing-home sales down 3.2% in July
Existing-home sales decreased 3.2 percent nationwide in July to a seasonally adjusted annual rate of 5.39 million. It was the first monthly decline since February, NAFCU Research Assistant Yun Cohen said in a Macro Data Flash report for members.
Cohen, analyzing data published Wednesday by the National Association of Realtors, said the decline was led by a 12.3 percent sales decrease in the condo market, where supply was even tighter than that of single-family units in June. July also brought the first year-over-year decline in sales (-1.6 percent) since November.
"The lack of available homes for sale continues to limit buyers' choices and keep prices elevated," Cohen said. "Recent natural disasters that destroyed thousands of homes in Louisiana and California could strain supply even further."
Sales contracted in three of the four regions in July. The Northeast decreased 13.2 percent, followed by the Midwest (-5.2 percent) and the South (-1.8 percent). The West region reported the only sales increase of 2.5 percent.
Based on current sales, there were 4.7 months of supply at the end of July, up from 4.5 months in June. Inventory increased 0.9 percent in July, but is still down 5.8 percent from a year ago.
The median existing-home price decreased from the record high $247,600 in June to $244,100 (not seasonally adjusted) in July. This is 5.3 percent higher than the median price from a year ago. July marks the 53rd consecutive month of year-over-year price increases.
Cohen, analyzing data published Wednesday by the National Association of Realtors, said the decline was led by a 12.3 percent sales decrease in the condo market, where supply was even tighter than that of single-family units in June. July also brought the first year-over-year decline in sales (-1.6 percent) since November.
"The lack of available homes for sale continues to limit buyers' choices and keep prices elevated," Cohen said. "Recent natural disasters that destroyed thousands of homes in Louisiana and California could strain supply even further."
Sales contracted in three of the four regions in July. The Northeast decreased 13.2 percent, followed by the Midwest (-5.2 percent) and the South (-1.8 percent). The West region reported the only sales increase of 2.5 percent.
Based on current sales, there were 4.7 months of supply at the end of July, up from 4.5 months in June. Inventory increased 0.9 percent in July, but is still down 5.8 percent from a year ago.
The median existing-home price decreased from the record high $247,600 in June to $244,100 (not seasonally adjusted) in July. This is 5.3 percent higher than the median price from a year ago. July marks the 53rd consecutive month of year-over-year price increases.
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