Market Updates
Home Sales Decline for 6th Month In a Row
Brian Turner
18 Aug, 2022
New York City
The sale of existing homes declined 5.9% in July from June and dropped 20% from a year ago as home prices remain stubbornly high, the National Association of Realtor reported Thursday.
Existing-home sales fell for the sixth month in a row to a seasonally adjusted annual rate of 4.81 million.
Median home price fell $100,000 from June but rose 10.8% from a year ago to $403,000.
"The ongoing sales decline reflects the impact of the mortgage rate peak of 6% in early June," said NAR Chief Economist Lawrence Yun.
"Home sales may soon stabilize since mortgage rates have fallen to near 5%, thereby giving an additional boost of purchasing power to home buyers," Yun added.
Home sales may have fallen but this is still a fast moving market.
Eighty-two percent of homes sold in July were on the market for less than a month and a typical home was on the market for 14 days, matching June but lower than 17 days a year ago.
The 14-day home sale time is the shortest on record since the NAR began keeping the records in May 2011.
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