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Lower Sales, Listings and Prices As Housing Pressures Continue

  • Existing home sales fell -5.3% M/M in July (consensus -8.2%), the smallest of the five consecutive monthly declines after -5.6% in June as high mortgage rates continue to bite, more pronounced "in some relatively more expensive parts of the country as well as places where prices rose most over the past two years".
  • Sales fall further below the 10-year average and barring the 2020 lockdowns are near lows seen through 2012-19, although a fall in listing keeps 3.4 months of inventory – up from the all-time low of 1.7 months in early 2022 but still historically low.
  • Benchmark sale prices fell -1.7% M/M, the fourth monthly decline and after -1.9% in June, to continue to chip away at the Y/Y rate which is still up at 10.9% Y/Y on past momentum having exceeded 30% at the turn of the year.

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