U.S. existing home sales fell for a sixth straight month in July to a seasonally adjusted annual rate of 4.81 million, the lowest since May 2020 and November 2015 before the pandemic. Sales were down 5.9% from June and 20.2% from a year ago.
"We're surely in a housing recession because builders are not building and homes are not transacting," NAR chief economist Lawrence Yun told reporters. But with home prices still rising, "homeowners are still comfortable financially."
Home price appreciation slowed to a 10.8% yearly pace to a median price of USD403,800 in July, the slowest increase since July 2020 but still above the 5% annual appreciation seen before the pandemic. About 1.3 million homes were available for sale at the end of July, same as a year earlier, and a typical home is entering into a contract in 14 days, faster than the 17 days a year ago.