Home sales fall again in July, as supply drops to near quarter-century low
CNBC ^ | August 22, 2023 | Diana Olick
Posted on 8/22/2023, 12:53:52 PM by ConservativeInPA
KEY POINTS
• The median price of a home sold in July was $406,700, an increase of 1.9% from July of last year.
• Sales fell month to month in all regions except the West, where they gained 2.7%. Sales fell the most in the Northeast, down 5.9%.
• There were 1.11 million homes for sale at the end of July, 14.6% fewer than July 2022 and about half of the pre-Covid supply.
Sales of previously owned homes dropped 2.2% in July from June to a seasonally adjusted, annualized rate of 4.07 million units, according to the National Association of Realtors.
Sales were 16.6% lower compared with July of last year. Homes sold at the slowest July pace since 2010.
(Excerpt) Read more at cnbc.com ...