While I will move to our local market reports over my next few blog posts, this one will cover the latest from across the nation according to the National Association of REALTORS®. The headline is that existing home sales dropped for the sixth straight month in July.
Total existing-home sales slipped 5.9% from June to a seasonally adjusted annual rate of 4.81 million in July. Year-over-year, sales fell 20.2%. Total housing inventory increased 4.8% from June and was unchanged from the previous year. Unsold inventory sits at a 3.3-month supply at the current sales pace, up from 2.9 months in June and 2.6 months in July 2021.
All-cash sales accounted for 24% of transactions in July, down from 25% in June, but up from 23% in July 2021. Individual investors or second-home buyers, who make up many cash sales, purchased 14% of homes in July, down from 16% in June and 15% in July 2021.