8/18, 4:02 PM (Source: TeleTrader)
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US existing home sales plunge by 5.9% in July

The sales of existing homes in the United States decreased in three out of the four major regions countrywide by 5.9% in July compared to the previous month, falling for the sixth consecutive month, to reach 4.81 million, according to a report published by the National Association of Realtors (NAR) on Thursday. When compared to the corresponding time frame twelve months ago, the figure plunged by 20.2%.

The inventory of unsold existing homes rose by 4.8% to 1,310,000 units, at the end of July, remaining unchanged from the year before, or the equivalent of 3.3 months at the current monthly sales pace. The median existing-home price climbed up by 10.8% from one year ago, amounting to $403,800, representing the longest-running streak on record over the period of 125 months consecutively.

"We're witnessing a housing recession in terms of declining home sales and home building," commented NAR's chief economist Lawrence Yun upon the release of the report. "However, it's not a recession in home prices. Inventory remains tight and prices continue to rise nationally with nearly 40% of homes still commanding the full list price," he added.

Baha Breaking News (BBN) / AB