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Economy

Economic Data (USA)

Friday, August 19, 2022

Existing Home Sales During July 2022

The Existing Home Sales report for July 2022 was released by The National Association of Realtors® (NAR®) this morning:

Predicted: 5,000,000
  • Actual: 4,810,000
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  •  Change from Previous Month: -5.87% (-300,000 homes)

  •  Change from A Year Ago: -20.23% (-1,220,000 homes)
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Inventory: 1,310,000 (3.3 months supply.)

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The yellow-highlighted, "actual" figure above represents the preliminary, seasonally adjusted annualized sales count of existing homes, co-ops and condominiums for the indicated month. The "predicted" figure is what economists were expecting, while the "actual" is the true or real figure.

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  • Median Price: $403,800

  • Price Change from A Year Ago: +10.75% (+$39,200)


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From Today's Report:

"...'The ongoing sales decline reflects the impact of the mortgage rate peak of 6% in early June,' said NAR Chief Economist Lawrence Yun. 'Home sales may soon stabilize since mortgage rates have fallen to near 5%, thereby giving an additional boost of purchasing power to home buyers.'

'We're witnessing a housing recession in terms of declining home sales and home building,' Yun added. '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.'

Properties typically remained on the market for 14 days in July, the same as in June and down from 17 days in July 2021. The 14 days on market are the fewest since NAR began tracking it in May 2011. Eighty-two percent of homes sold in July 2022 were on the market for less than a month.

Realtor.com®'s Market Trends Report in July shows that the largest year-over-year median list price growth occurred in Miami (+36.2%), Memphis (+32.7%) and Orlando (+28.4%). Phoenix reported the highest increase in the share of homes that had their prices reduced compared to last year (+31.8 percentage points), followed by Las Vegas (+28.6 percentage points) and Austin (+27.8 percentage points).
.."

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INFOGRAPHIC: Existing Home Sales - July 2022 UPDATE
INFOGRAPHIC: Existing Home Sales
July 2022 UPDATE


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