🚨 Existing Home Sales Report
On August 22, the release of the Existing Home Sales report will provide further insight into the U.S. housing market. The latest data shows that existing home sales fell by 5.4% in June 2024, dropping to a seasonally adjusted annual rate of 3.89 million units. This marked the sharpest monthly decline since 2022 and the lowest sales volume since the beginning of the year. It represents the fourth consecutive monthly decrease in existing home sales.
The decline in sales coincides with a record high median sales price of $426,900, which may be contributing to reduced buyer activity. Additionally, unsold housing inventory rose by 3.1% to 1.32 million units, equivalent to 4.1 months of supply at the current sales pace. NAR Chief Economist Lawrence Yun noted a shift from a seller’s market to a buyer’s market, with homes staying on the market longer and sellers receiving fewer offers. Increased demand for home inspections and appraisals, coupled with rising inventory, is affecting the market dynamics.
With expectations for July’s data to show a slight decline to 3.8 million units, this report will be crucial for understanding trends in the housing sector and their potential impact on the broader economy. The current housing market conditions highlight ongoing challenges for buyers and sellers alike, and will be closely watched by market participants.
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