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Economic Data (USA)

Tuesday, August 22, 2023

Existing Home Sales During July 2023

The Existing Home Sales report for July 2023 was released by The National Association of Realtors® (NAR®) this morning:


Previous Month: 4,160,000

  • Actual: 4,070,000

  •  Change from Previous Month: -2.16% (-9,000 homes)

  •  Change from A Year Ago: -16.6% (-81,000 homes)

Inventory: 1,110,000 (3.3 months supply.)


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.


  • Median Price: $406,700

  • Price Change from A Year Ago: +1.93% (+$7,000)




From Today's Report:

"...'Two factors are driving current sales activity – inventory availability and mortgage rates,' said NAR Chief Economist Lawrence Yun. 'Unfortunately, both have been unfavorable to buyers.'

'Most homeowners continue to enjoy large wealth gains from recent years with little concern about home price declines,' Yun said. 'However, many renters are concerned as they’re facing growing affordability challenges because of high interest rates.'

According to Freddie Mac, the 30-year fixed-rate mortgage averaged 7.09% as of August 17. That’s up from 6.96% the prior week and 5.13% one year ago.



INFOGRAPHIC: Existing Home Sales - July 2023 UPDATE

INFOGRAPHIC: Existing Home Sales
July 2023 UPDATE



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