Sales of existing homes fell 1.3 percent in July

[DonViejo]

Source: The Hill




BY VICKI NEEDHAM - 08/24/17 12:42 PM EDT

Sales of previously owned homes slipped in July to the lowest level of the year as inventory remains low amid increasing buyer demand.

Existing-home sales, which are completed transactions that include single-family homes and townhomes, slipped 1.3 percent to a seasonally adjusted annual rate of 5.44 million last month from 5.51 million in June, the National Association of Realtors said Thursday.

"Buyer interest in most of the country has held up strongly this summer and homes are selling fast, but the negative effect of not enough inventory to choose from and its pressure on overall affordability put the brakes on what should’ve been a higher sales pace,” said Lawrence Yun, NAR chief economist.

July’s sales pace is 2.1 percent above a year ago, but is the lowest of the year. Large declines of sales in the Northeast and Midwest outweighed sales increases in the South and West.

Read more: http://thehill.com/policy/finance/347813-sales-of-existing-homes-fell-12-percent-in-july

[ffr]

1. Jobs. Jobs. Jobs. Not coming. Get used to it.

Other than goodwill feelings about how good the economy is doing, it is stalling under the lack of leadership we have now. Will it be another republican Great Recession or will we get the biggie again, a republican Great Depression?