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Free AccessMNI: US July Existing Home Sales Fall to 4.81M SAAR
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.
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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.