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22.08.2024

U.S. existing-home sales increase 1.3 per cent in July

The National Association of Realtors (NAR) informed on Thursday that the U.S. existing home sales increased 1.3 per cent m-o-m to a seasonally adjusted rate of 3.95 million in July from an upwardly revised 3.90 million (from 3.89 million) in June. This marked the first monthly gain in existing home sales in five months. 

Economists had forecast home re-sales increasing to a 3.93 million-unit pace last month.

In y-o-y terms, existing-home sales fell 2.5 per cent in July.

According to the report, three out of four major regions - the Northeast (+4.3 per cent m-o-m), the West (+1.4 per cent m-o-m), and the South (+1.1 per cent m-o-m) - registered gains on a m-o-m basis, while the Midwest remained unchanged.

In y-o-y terms, existing-home sales increased in the Northeast (+2.1 per cent) and West (+1.4 per cent m-o-m) but dropped in the Midwest (-5.2 per cent) and South (-3.8 per cent).

Over the reviewed period, the median existing-home price for all housing types climbed 4.2 per cent y-o-y to $422,600. This marked the 13th straight month of year-over-year gains in median existing-home price.

Single-family home sales came in at a seasonally-adjusted annual rate of 3.57 million in July, up 1.4 per cent m-o-m but down 1.4 per cent y-o-y. Meanwhile, existing condominium and co-op sales were registered at a seasonally-adjusted annual rate of 380,000 units in July, flat m-o-m and down 11.6 per cent y-o-y.

Commenting on the latest data, Lawrence Yun, NAR chief economist, noted that despite the modest gain in July home sales remained sluggish. “But consumers are definitely seeing more choices, and affordability is improving due to lower interest rates,” he stressed.

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