Home Sales Slow Again but Demand Continues
Homes are still selling in record time, but affordability and low inventories are driving sales lower. The National Association of Realtor® (NAR) says previously owned single-family homes, condominiums, townhouses, and cooperative apartment sold at a seasonally adjusted annual rate of 4.81 million units, a 5.9 percent decline from 5.12 million in June. It was the sixth consecutive month that existing home sales moved lower and the second month in which the decline was greater than 5.0 percent. Sales trailed the 6.03-million-unit annual rate a year earlier by 20.2 percent.
July’s results were about as expected. Both Econoday and Trading Economics had forecast the annual rate of sales at 4.85 to 4.89 million units.
Single-family home sales decreased to a seasonally adjusted annual
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