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July Existing Home Sales: Far From Stellar

  • Existing home sales rose 2.5% from June to a seasonally adjusted annual rate of 5.42 million in July and were up 0.6% from a year ago, according to the National Association of Realtors.
  • The median price for existing homes was $280,800, up 4.3% from a year earlier ($269,300).
  • Inventory fell 1.6% from June to 1.89 million homes for sale in July. That’s also a 1.6% decrease from a year ago.

Despite today’s win, sales are falling short of the stellar performance you’d expect from a market with enticing mortgage rates and strong employment. Sales have been sluggish for a while now despite favorable conditions. Buyers are letting listings languish rather than diving into a market whose offerings — or price points — don't suit them. Although the busy spring shopping season has now come and gone, there are still signs of momentum. Recent boosts in mortgage applications and listings suggest that the housing market has some fight left.

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