Existing-home sales fell to a rate of 4.07 million in July, the National Association of Realtors said.
The numbers: Higher mortgage rates and an ongoing shortage of homes for sale pushed home sales down in July.
That’s the number of homes that would be sold over an entire year if sales took place at the same rate every month as in July. The numbers are seasonally adjusted.Existing home sales only fell lower in January 2023, when the number dropped to 4 million. Homes listed for sale remained on the market for 20 days on average, up from 18 days in July. Last July, homes were only on the market for 14 days.
All-cash buyers made up 26% of sales. The share of individual investors or second-home buyers was 16%. About 30% of homes were sold to first-time home buyers.Big picture: As the 30-year mortgage rate hovers around 7.5% in August, buyers are pulling back and that’s likely to hurt home sales further. Unless rates fall in the near-term, demand for home buying is likely to be suppressed.
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