Existing home sales plunge 5.9% in July to lowest level in 2 years
What’s causing the housing affordability ‘crisis’?
National Association of Home Builders CEO Jerry Howard weighs in on ‘Varney & Co.’ย
U.S. existing home sales slowed for the sixth consecutive month in July as rising mortgage rates, surging inflation and rising home prices continued to push prospective buyers out of the market.
Sales of previously owned homes tumbled 5.9% in July from the previous month to an annual rate of 4.81 million units, according to new data released Thursday by the National Association of Realtors. That is loweer than what economists were expecting, according to Refinitiv. On an annual basis, home sales plunged 20.2% in July.
Sales have fallen to the slowest pace since May 2020, when the economy was still deep in the throes of the COVID-19 pandemic. The last time that home sales plunged for six straight months was between August 2013 and January 2014.
"We're witnessing a housing recession in terms of declining home sales and home building," NAR chief economist Lawrence Yun said. "However, it's not a recession in home prices."
This is a developing story. Please check back for updates.
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