London, Thursday, 18 August 2022
The seasonally adjusted annual rate of existing house sales in the US fell 5.9% to 4.81 million in July 2022, the lowest level since May 2020 and under the market's forecast of 4.89 million.
Sales decreased for a sixth month running, which was a result of the early-June 6% mortgage rate peak.
The total housing inventory climbed 4.8% to 1,310,000 units, while the median existing-home price for all housing types was $403,800, an increase of 10.8% from July 2021.
Sales of single-family residences fell 5.5% to 4.31 million, while co-ops fell 9.1% to 500,000 units.
According to Lawrence Yun, chief economist for the National Association of Realtors, "home sales may soon normalise since mortgage rates have plummeted to approximately 5%, so giving home buyers an additional boost of purchasing power."
(Source: National Association of Realtors // Edited by: The Decision Maker)