U.S. existing-home sales at slowest pace in over two yearsU.S. existing-home sales at slowest pace in over two yearshttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=209312018-08-24T05:00:00Z2018-08-24T15:00:00Z

​​​​WASHINGTON – Existing-home sales fell for the fourth straight month to their slowest pace in over two years, according to the National Association of Realtors (NAR). 

Total existing-home sales fell to a seasonally adjusted annual rate of 5.34 million in July, down 0.7 percent from 5.38 million in June. Sales are now 1.5 percent ​below a year ago and have fallen on an annual basis for five straight months. 

"Too many would-be buyers are either being priced out or have ​​decided to postpone their search until more homes in their price range come onto the market," said NAR Chief Economist Lawrence Yun.

More statistics from the report:

  • The median existing-home price for all housing types was $269,600, up 4.5 percent from July 2017 ($258,100). This marks the 77th straight month of year-over-year gains. 

  • Inventory fell 0.5 percent to 1.92 million existing homes for sale.

  • Unsold inventory is at a 4.3-month supply. 

  • Properties stayed on the market for 27 days last month, up from 26 in June but down from 30 a year ago. In July, 55 percent of homes sold were​ ​on the market for less than a month. 

  • First-time buyers were 32 percent of sales in July, up from 31 percent in June but down from 33 percent a year ago.

National Association of Realtors®
https://www.nar.realtor/newsroom/existing-home-sales-slip-07-percent-in-julyRead more at {Source}

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