Existing-home prices rise, sales slip in July
Monthly sales pace fell to its lowest level of 2017.
The latest national real estate data reveals that during July existing-home prices rose year-on-year while sales declined, owing to a sharp downturn in transactions across the Northeast and Midwest regions.
The National Association of Realtors’ July Existing-Home Sales report found that for the fourth month in a row listings in July typically went under contract in less than 30 days as a result of high buyer demand.
However, despite these results and sales increases in the South and West, total existing-home sales slipped 1.3% to a seasonally adjusted annual rate of 5.44 million in July, down from 5.51 million in June.
Existing-homes sales are defined as completed transactions of single-family homes, townhouses, condominiums and co-ops.
July’s sales pace, while still 2.1% higher than a year ago, is the lowest of 2017.
The median existing-home price for all housing types in July was $258,300, up 6.2% year-on-year.
Total housing inventory fell 1% to 1.92 million existing-homes available for sale in July.
First-time buyers made up one third (33%) of all sales in July, slightly higher than in June (32%). All-cash sales accounted for almost one fifth (19%) of all purchases in July, up from last month (18%) but down year-on-year (21%). Individual investors bought 13% of homes in July, consistent with June’s figures. Distressed sales – foreclosures and short sales – totalled 5% of July’s overall sales, up from 4% in June.
Regional analysis:
Northeast: Existing-home sales fell 14.5% to an annual rate of 650,000 in July.
Midwest: Existing-home sales fell 5.3% to an annual rate of 1.25 million in July.
South: Existing-home sales rose 2.2% to an annual rate of 2.28 million in July.
West: Existing-home sales rose 5.0% to an annual rate of 1.26 million in July.
The buying process doesn’t stop once you’ve found your dream home — securing the right loan is a crucial step.
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