Second-hand home sales declined in July, but prices rose year-on-year
The National Association of Realtors reported on Tuesday. Existing home sales fell 2.2% nationwide in July. Decreased by 16.6% year-on-year. Sales were down in all four regions from where he was 12 months ago. Sales increased in July only in the West.
“There are two factors driving our current sales efforts. Inventory availability and mortgage interest rates. Unfortunately, both were bad for buyers,” said NAR chief economist Lawrence Yun.
meanwhile, The median selling price for all types of homes is $406,700, Last month saw an increase of 1.9% compared to the same period last year. Prices were flat in the West, but increased in the Northeast, Midwest and South.