Existing Home Sales Fall To Lowest Pace Since February 2016

Sales of existing homes dropped 0.7 percent in July to a seasonally adjusted annual rate of 5.34 million, subsiding for the fourth consecutive month and reaching their lowest pace since February 2016, according to the National Association of Realtors (NAR).

Increasing home prices continue to be an issue for would-be homeowners, according to NAR Chief Economist Lawrence Yun.

The median existing-home price of $269,600 is up 4.5 percent compared with July 2017.

The West was the only region to see any growth in sales during the month, rising 4.4 percent from June. Sales in the Northeast, Midwest and South dropped 8.3 percent, 1.6 percent and 0.4 percent, respectively.