Existing home sales declined 2.2% in July to a seasonally adjusted annual rate of 4.07 million, according to the National Association of Realtors.
Compared with July 2022, existing home sales declined 16.6%.
“Two factors are driving current sales activity—inventory availability and mortgage rates,” NAR Chief Economist Lawrence Yun said in a statement. “Unfortunately, both have been unfavorable to buyers.”
Regionally, existing home sales fell 5.9% in the Northeast, 3.0% in the Midwest and 2.6% in the South. Existing home sales in the West grew 2.7% from June.
The median price for existing home sales increased 1.9% year-over-year to $406,700. Existing home inventory increased 3.7% from June to 1.11 million, equivalent to 3.3 months’ supply at the current sales rate.
The full NAR report can be found here.
