US: Existing home sales fall 5.9% in July, their biggest decline since February

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The Existing home sales in the United States fell 5.9% in the month of July, accelerating the 5.5% decline seen in June (downward revised from -5.4%). This is the sixth consecutive month of decreases for the indicator, which registers its biggest drop since February. Year over year, retail sales fell 20.2%

Altogether, the sales number fell back to 4,810,000 from the previous 5,110,000, falling below the 4,890,000 expected by market consensus.

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The Median sales price of existing homes increased 10.8% from a year ago to $403,800yes However, this figure is down $10,000 from last month’s record high of $413,800.

“The continued decline in sales reflects the impact of mortgage rates peaking at 6% in early June,” said NAR chief economist, Lawrence Yun. “Home sales may soon stabilize as mortgage rates have dropped to around 5%, giving homebuyers an extra boost of purchasing power.”

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The total registered housing inventory at the end of July was 1,310,000 units, an increase of 4.8% from June and unchanged from the previous year. Unsold inventory stands at 3.3 months supply at the current pace of sales, up from 2.9 months in June and 2.6 months in July 2021.

Source: Fx Street

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