National Association of Realtor® economist Lawrence Yun called the organization’s home sales results for July a “pause” and predicted the “pause” would last at least through September. Single-family home sales dropped 27.1% to a seasonally- adjusted annual rate of 3.37 million in July from a pace of 4.62 million in June, and were 25.6% below the 4.53 million level in July 2009.
The median existing single-family home price was $183,400 in July, which is almost 1% above a year ago. Meanwhile, the supply of homes relative to sales skyrocketed. That spells lower prices in the coming months.
The last time existing home sales were so few in any single month was May 1995 when the sales rate was 3.34 million and I was last trying to sell a personal home. That sale took a year – I was stubborn seller and didn’t listen to my real estate agent about where the market was going. Read the full press release from the National Association of Realtors® here.
Distressed property sales accounted for nearly the same number of sales in July as in June – 32% and 31% respectively. That’s unchanged from a year ago, when distressed home sales were 31% of all sales. Count of that to remain unchanged a year from now as banks trickle out their inventory of foreclosures.
Here are some graphic illustrations of where the national home sales market is, thanks to Reuters News Service:
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