Existing-home sales fell in July, prices rose year-over-year
The National Association of Realtors reported on Tuesday that sales of existing homes fell in July by 2.2% nationwide, down 16.6% year-over-year. Sales were down from 12 months prior in all four regions, only in the West did sales increase in July.
“Two factors are driving current sales activity – inventory availability and mortgage rates. Unfortunately, both have been unfavorable to buyers,” said NAR Chief Economist Lawrence Yun.
Meanwhile, the median sale price for all types of homes, $406,700, increased 1.9% last month compared to the same time last year. Prices were unchanged in the West but rose in Northeast, Midwest and South.
