Existing-Home Sales Down in July

Aug 24, 2017

The median listing price for homes hit the $299,000 mark this month

Total existing-home dropped by 1.3 percent to a seasonally adjusted annual rate of 5.44 million in July from a downwardly revised 5.51 million in June, according to new data from the National Association of Realtors (NAR). Although last month’s sales were 2.1 percent above a year ago, but is nonetheless the lowest level set for 2017.

The median existing-home price for all housing types in July was $258,300, up 6.2 percent from the $243,2000 level in July 2016. July marked the 65th straight month of year-over-year gains.

Total housing inventory at the end of July dipped by one 1.0 percent to 1.92 million existing homes available for sale, and is nine percent lower than a year ago (2.11 million). The inventory level has decreased year-over-year for 26 consecutive months. First-time buyers were 33 percent of sales in July, which is up from 32 percent both in June and a year ago.

“Buyer interest in most of the country has held up strongly this summer and homes are selling fast, but the negative effect of not enough inventory to choose from and its pressure on overall affordability put the brakes on what should’ve been a higher sales pace,” said NAR Chief Economist Lawrence Yun. “Contract activity has mostly trended downward since February and ultimately put a large dent on closings last month.”

https://www.nar.realtor/topics/existing-home-sales

About the author

Phil Hall

Link copied

Published

Aug 24, 2017

Industry News

UWM, UMortgage Under Attack For Alleged Shell Scheme

A report released on April 25 by the hedge-funded media company alleges UWM set up a shell company, UMortgage.

Just weeks after allegations against United Wholesale Mortgage (UWM) were published in an exposé-style report and a class action lawsuit, Hunterbrook Media is once again putting the Michigan lender under the spotlight. On Thursday, the hedge-funded media company published...

Analysis and Data

Homebuying Excitement Is Up Among Veterans

Survey results indicate optimism about housing market among U.S. veterans and service members

Our nation’s heroes are increasingly optimistic about buying homes, new research indicates. The amount of veterans and service members who plan to purchase a home in the next six months was up by 15 percentage points year-over-year, according to the Veterans Homebuying Re...