INDUSTRY REPORT SERIES
Existing home sales in the US declined 5.9% to a seasonally adjusted annual rate of 4.81 million in July of 2022, the lowest since May of 2020 and below market expectations of 4.89 million. Sales declined for a sixth consecutive month, reflecting the impact of the mortgage rate peak of 6% in early June.
The median existing-home price for all housing types was $403,800, up 10.8% from July 2021, and total housing inventory increased 4.8% to 1,310,000 units. Single-family home sales declined 5.5% to 4.31 million and co-ops were down 9.1% to 500,000 units
Source: Association of Realtors
Expect a market neutral effect on the market today
Indexes running close to flat at 1:30PM Eastern Time today
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