Sales Of Existing Homes In U.S. Fell 27.2% In July
Sales of existing homes in U.S. fell 27.2% to 3.83 million units SAAR; the lowest reading since 1996. Consensus was at 4.65 million.
Total housing inventory is at 4.0 million units vs. 3.9 million units in June. Months supply rose from 8.9 to 12.5 months; all-time high.
Chart 1. U.S. Existing Home Sales
Source: NAR
Chart 2. U.S. Existing Home Sales Inventory & U.S. Existing Home Sales Months Supply SAAR
Source: NAR
Existing Home Sales, Existing Home Sales Inventory, Existing Home Sales Months Supply