Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
Sales of existing homes hit the highest annualized pace since March in July, the National Association of Realtors said Monday, though the housing market still appears to be settling down after months of elevated activity as some inventory tightness is alleviated and prices moderate. Existing home sales climbed to a seasonally adjusted annual rate of 5.99 million from a revised 5.87 million pace in June.
There were 1.32 million homes available for sale at the end of July, up 7.3% from last month but still down 12% from one year ago. That's still an improvement over previous months, when inventory levels were down more than 20% y/y, NAR chief economist Lawrence Yun said Monday. "We should have more inventory in the coming months," he said on a call with reporters. "I definitely expect that by the end of the year we will have turned the corner on inventory."
The national median home price slipped to USD359,000 in July, the lowest since May, as rising inventories cause prices to moderate. Still, homes on the lower end of the price scale remain in short supply, with sales of homes priced below USD100,000 -31% y/y and sales of homes priced at USD1 million or more up 59%.
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.