MNI DATA ANALYSIS: US July Existing Home Sales -0.7% to 5.34M

By Kevin Kastner, Sara Haire, Shikha Dave, and Harrison Clarke

     WASHINGTON (MNI) - Home resales declined 0.7% in July to an annual rate of

5.34 million, below expectations for a rise to a 5.40 million pace, data

released by the National Association of Realtors reported Wednesday showed.

     "All the housing market indicators are showing healthy conditions, but

sales are dripping lower," NAR Chief Economist Lawrence Yun told reporters. 

     However, Yun was more optimistic given the current economic climate, and as

the economy continues to do well, "we may see sales continue to move higher," he

said.

     --SUPPLY SOFT, BUT STEADY

     The number of housing units available for sale declined 0.5% month over

month in July to a total of 1.92 million houses, maintaining the months supply

at 4.3 months at the current sales pace, as in June.

     June sales were unrevised from the originally reported 5.38 million annual

rate.

     --REGIONAL DATA SHOWS MIXED SALES

     Sales rose in the West by 4.4%, but declined by 8.3% in the Northeast, 0.4%

in the South, and 1.6% in the Midwest region. Despite the month over month rise

in the West, Yun noted that the West has the lowest year over year sales of all

the regions.

     --PRICES FALL FROM JUNE LEVELS

     July's national median price of $269,600 was up 4.5% from a year earlier,

but down from the $273,800 in June. Although there was a  month over month

decline, prices remain elevated, indicating a continued lack of inventory in the

market.

--MNI Washington Bureau; +1 (973) 494-2611; email: harrison.clarke@marketnews.com

[TOPICS: MAUDS$,M$U$$$]