Home Price Gains Continue to Dampen Demand

Posted To: MND NewsWireExisting home sales posted their fourth straight loss in July and have dropped to their slowest pace since February 2016. The National Association of Realtors® (NAR) said sales of previously owned single-family houses, townhouses, condos, and cooperative apartments were at a seasonally adjusted annual rate of 5.34 million units last month. This is a 0.7 percent decline from the 5.38 million units reported for June and puts sales behind those of a year earlier for the fifth straight month, this time by 1.5 percent. Analysts keep anticipating a rebound for existing sales and continue to overshoot the mark. Those polled by Econoday expected July sales to be in the range of 5.39 to 5.51 million with a consensus of 5.42 million. Single-family home sales declined by 0.2 percent to a seasonally…(read more)Forward this article via email:  Send a copy of this story to someone you know that may want to read it.

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Michael Ayoub, Author NMLS ID 6631