US: Home resales fall 6% month-over-month in July

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Existing home sales in July were down nearly 6% from the previous month and plunged about 20% from the same period last year.

In particular, home sales fell to a seasonally adjusted annual rate of 4.81 million units, falling to their lowest level since November 2015, excluding a brief dip at the start of the pandemic.

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July sales figures are based on deal completions, so contracts were likely signed in May and June, a tough time for mortgages that saw interest rates soar above 6%, according to Mortgage News Daily.

They then returned to the high 5% range, however they had started the year at 3%, so the hit to prices in June was significant, especially combined with the jump in inflation.

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Homebuyers are also still facing tight supply. There were 1.31 million homes for sale in July, the same as the same month last year.

Source: Capital

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