Last Update: 21-Aug-19 10:36 ET
Existing Home Sales
- Existing home sales increased 2.5% month-over-month in July to a seasonally-adjusted annual rate of 5.42 million (Briefing.com consensus 5.40 million) from an upwardly revised 5.29 million (from 5.27 million) in June.
- Total sales were 0.6% higher than the same period a year ago.
- The median existing home price for all housing types increased 4.3% year-over-year to $280,800, representing the 89th consecutive month of year-over-year gains. The median existing single-family home price was $284,000, up 4.5% year-over-year.
- Existing home sales across regions: Northeast (-2.9%); Midwest (+1.6%); South (+1.8%); and West (+8.3%).
- Median home prices by region: Northeast (-1.0% to $305,800); Midwest (+8.1% to $226,300); South (+5.2% to $245,100); and West (+3.7% to $408,000).
- Single-family home sales increased 2.8% month-over-month to a seasonally adjusted annual rate of 4.84 million, and were up 1.0% year-over-year.
- The inventory of homes for sale at the end of July decreased to 1.89 million from 1.92 million in June. The inventory was down 1.6% from a year ago.
- Unsold inventory stood at 4.2-month supply at the current sales pace versus 4.4 months in June. This is below the 6.0-months' supply typically associated with a more balanced market.
- 51% of homes sold in July were on the market for less than a month.
- First-time buyers accounted for 32% of sales in July, down from 35% in June but equal to a year ago.
- All-cash sales made up 19% of transactions in July, up from 16% in June and down from 20% one year ago.
- The key takeaway from the report is that the inventory of existing homes for sale remains tight. That will continue to support high prices, which in turn makes the persistence of low mortgage rates extremely important as a driver of existing home sales activity.
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