Real Estate

Home sales drop again in July, as supply drops again

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Existing home sales see slowest July pace since 2010

Sales of previously owned homes dropped 2.2% in July from June to a seasonally adjusted, annualized rate of 4.07 million units, according to the National Association of Realtors.

Sales were 16.6% lower compared with July of last year. Homes sold at the slowest July pace since 2010.

This count is for closings, so contracts were likely signed in May and June, when mortgage rates went from around 6.5% to well over 7%.

Sales fell month to month in all regions except the West, where they rose 2.7%. Sales dropped the most in the Northeast, down 5.9%.

The National Association of Realtors is blaming higher rates and still tight supply for the decrease. There were 1.11 million homes for sale at the…



Source cnbc.com

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