Sales of existing homes in the United States it fell 0.7% in July at a seasonally adjusted 5.34 million units, the fourth consecutive month of decline, according to the National Association of Realtors (NAR).
Economists interviewed by Reuters had predicted a 0.6% increase.
Sales decreased in the Northeast, South and Midwest, but increased in the West. Sales are now in the longest streak of monthly declines since 2013.
“Too many potential buyers have been evaluated or are deciding to postpone their search until more homes in their price range hit the market,” NAR Chief Economist Lawrence Yun said.
Existing homes account for approximately 90% of US home sales and include single family homes, town homes, condos, and co-ops.
The median home price in the United States rose to $ 269,600, up 4.5% year-over-year. The total inventory of housing for sale fell 0.5% in July to 1.92 million existing homes, unchanged from last year. First time buyers made up of 32% in sales, up from 31% in June.
On average, properties remained on the market for 27 days in July, up from 26 days in June but down from 20 days last year. Of the homes sold, 55 percent had been on the market for less than a month, NAR said.
“The listings continue to be under contract in less than a month, which highlights feedback from real estate agents that buyers are quickly grabbing moderately priced properties,” Yun said. “The existing supply is still not at a healthy level and the construction of new homes is not keeping pace to meet the demand.” Like this Bimbim is the brainchild of Livejasmin, one of the oldest and most trusted webcam sites on the web. As with all top-rated chat websites, there are some basic guidelines you should be aware of and follow the next time you’re looking to chat with a webcam dummy.
The Northeast saw the largest decline in existing home sales and the largest increase in average price. Sales in the West increased by 4.4% and the average price increased by 5.1%.