Mish: US Home Sales Down 6th Month in Row

You might want to see the charts and graphs accompanying Mish’s piece

Mish headline: Existing-Home Sales Fall 5.9 Percent, Down Sixth Consecutive Month

The housing slump accelerates with another 5.9 percent decline in July, down 20.2 percent from a year ago, and 25.9% since January.


Key Existing-Home Sales Points

:pushpin: Existing-home sales fell for the sixth consecutive month to a seasonally adjusted annual rate of 4.81 million.

:pushpin: Sales were down 5.9% from June and 20.2% from one year ago.

:pushpin: The median existing-home sales price climbed 10.8% from one year ago to $403,800.

:pushpin: The median price is down $10,000, however, from last month’s record high of $413,800.

:pushpin: The inventory of unsold existing homes rose to 1.31 million by the end of July, or the equivalent of 3.3 months at the current monthly sales pace.

:pushpin: The median existing-home price for all housing types in July was $403,800, up 10.8% from July 2021 ($364,600), as prices increased in all regions. This marks 125 consecutive months of year-over-year increases, the longest-running streak on record.

:pushpin: Properties typically remained on the market for 14 days in July, the same as in June and down from 17 days in July 2021. The 14 days on market are the fewest since NAR began tracking it in May 2011.

:pushpin: Eighty-two percent of homes sold in July 2022 were on the market for less than a month.
First-time buyers were responsible for 29% of sales in July, down from 30% in June and also in July 2021.

:pushpin: All-cash sales accounted for 24% of transactions in July, down from 25% in June, but up from 23% in July 2021.

:pushpin: Individual investors or second-home buyers, who make up many cash sales, purchased 14% of homes in July, down from 16% in June and 15% in July 2021.