The numbers: U.S. existing-home sales dropped 5.9% to a seasonally readjusted annual rate of 4.81 million in July, the National Association of Realtors stated Wednesday.
This is the 6th straight monthly decline.
The sales number matched what economists questioned by the Wall Street Journal were anticipating
This is the weakest degree of sales given that May 2020 at the end of the economic crisis caused by the pandemic. Excluding the recession, the level of sales activity was cheapest given that November 2015.
Compared with July 2021, house sales were down 20.2%.
Trick information: Prices moderated in July. The median rate for an existing home fell to $403,800, up 10.8% from July 2021. That was the slowest yearly rate of boost because July 2020.
The number of residences on the market rose 4.8% to 1.31 million systems in July.
Revealed in terms of the months-supply metric, there was a 3.3-month supply of residences available for sale in July, up from 3 months in June. Prior to the pandemic, a four-month supply was much more the norm.
It is still a limited market. Residences stayed on the market only for 14 days on average. Pre-pandemic, the average time for homes to continue to be on the marketplace was a month.
Sales declined across all areas of the country. The West saw a “significant decrease” in sales from a year ago of 30%.
All-cash deals made up 24% of all transactions, down a little from June. About 29% of residences were marketed to new home buyers, down slightly from 30% in the prior month.