MNI BRIEF: US April Existing Home Sales Slide 2.2% To 4.07M

U.S. sales of existing homes fell 2.2% to a seasonally adjusted annual rate of 4.07 million in July, the National Association of Realtors said Tuesday, below market expectations and the third lowest sales pace since the Great Recession. From a year earlier, sales have slumped 16.6%.

Still, the national median home price was up 1.9% from one year ago to USD406,700. It was the fourth time the monthly median sales price eclipsed USD400,000 and 35% of properties are being sold above list price. "It looks like the housing recession is already over," NAR chief economist Lawrence Yun told reporters.

The inventory of unsold existing homes increased 3.7% from the previous month to 1.11 million at the end of July, or the equivalent of 3.3 months’ supply at the current monthly sales pace. “Two factors are driving current sales activity – inventory availability and mortgage rates,” said Yun. “Unfortunately, both have been unfavorable to buyers.”