Existing home sales recorded their sixth consecutive month of decline in July, falling 5.9% from June to an adjusted annual rate of 4.81 million, the National Association of Realtors announced. Compared with July 2021, existing home sales dropped 20.2%.
“The ongoing sales decline reflects the impact of the mortgage rate peak of 6% in early June,” NAR Chief Economist Lawrence Yun said in a statement. “Home sales may soon stabilize since mortgage rates have fallen to near 5%, thereby giving an additional boost of purchasing power to home buyers.”
The median existing home price jumped 10.8% compared with July 2021 to $403,800—down $10,000 compared with June 2022’s record-breaking $413,800 median price.
Regionally, existing home sales fell 7.5% in the Northeast, 3.3% in the Midwest, 5.3% in the South and 9.4% in the West.
The existing home inventory at the end of July was up 4.8% from June at 1.3 million, a 3.3-month supply at the current sales pace.
The full NAR report can be found here.
