Existing-house sales fell 2.2% in July to a seasonally changed yearly rate of 4.07 million, according to the National Association of Realtors (NAR). Sales decreased 16.6% year-over-year, below 4.88 million in July 2022.
“Two factors are driving current sales activity – inventory availability and mortgage rates,” stated NAR Chief Economist Lawrence Yun. “Unfortunately, both have been unfavorable to buyers.”
Total real estate stock increased 3.7% in July to 1.11 million systems however stays down 14.6% year-over-year (1.3 million). The average existing-home rate for all real estate enters July increased to $406,700, a boost of 1.9% from July 2022 ($399,000). Prices increased in the Northeast, Midwest and South however stayed the same in the West.
Distressed sales – foreclosures and brief sales – represented 1% of sales in July, practically the same from last month and the previous year.
Read the NAR release.