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MNI: US July Existing Home Sales Fall to 4.81M SAAR

(MNI) Washington

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."

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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."

Keep reading...Show less