Keeping you up to date on the latest data releases.
- Existing Home Sales
Existing single-family homes sales plummeted a record 27.1 percent in July, following declines of 1.6 percent in May and 5.6 percent in June. The massive retreat in sales was widespread across all regions of the U.S., lowering the annual sales pace to 3.37 million units, the slowest pace since May 1995. Needless to say, year-over-year sales growth took a sharp dive as well, falling from 6.7 percent clear down to −25.6 percent. The inventory of existing single-family homes for sale climbed 1.2 percent, causing months of supply to balloon from 8.6 months in June to 11.9 months in July. Months of supply now sits at its highest level since February 1983. The median sales price of existing single-family homes is up a very modest 0.9 percent from July 2009, stemming from positive year-over-year growth in the Northeast and the West, while prices are still down mildly in the South and the Midwest regions. Lawrence Yun, Chief economist at the National Association of Realtors, expects sales to continue being soft for at least the next few months. “Consumers rationally jumped into the market before the deadline for the home buyer tax credit expired. Since May, after the deadline, contract signings have been notably lower and a pause period for home sales is likely to last through September,” he comments in the release.