Existing home sales fell 0.7% to a seasonally adjusted 5.34 million-unit rate in July from an unrevised 5.38 million sales pace the previous month, the National Association of Realtors announced Wednesday.
The July rate is a 1.5% decrease from the same month a year ago. The headline number was below the median 5.40 million unit pace predicted by economists polled by IFR Markets.
“Led by a notable decrease in closings in the Northeast, existing home sales trailed off again last month, sliding to their slowest pace since February 2016 at 5.21 million,” said NAR chief economist Lawrence Yun. “Too many would-be buyers are either being priced out, or are deciding to postpone their search until more homes in their price range come onto the market.”
Sales in the regions were mostly lower. They were down 8.3% in the Northeast, 1.6% in the Midwest, and 0.4% in the South, and 4.4% higher in the West.
The median sales price was $269,600 in July, up 4.5% from a year ago.
Inventory levels slid 0.5% from the previous month to 1.92 million existing homes, representing a 4.3-month supply at the current pace. Inventory was unchanged from the July 2017 level.
