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Existing-home sales highest in eight years

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Staff writer ▼ | August 20, 2015
Existing-home sales steadily increased for the third consecutive month in July, according to the National Association of Realtors.
Existing-home sales
Housing   According to the National Association of Realtors:
Stubbornly low inventory levels and rising prices are likely to blame for sales to first-time buyers falling to their lowest share since January.

Total existing-home sales, which are completed transactions that include single-family homes, townhomes, condominiums and co-ops, increased 2 percent to a seasonally adjusted annual rate of 5.59 million in July from a downwardly revised 5.48 million in June.

Sales in July remained at the highest pace since February 2007 (5.79 million), have now increased year-over-year for ten consecutive months and are 10.3 percent above a year ago (5.07 million).

The median existing-home price for all housing types in July was $234,000, which is 5.6 percent above July 2014. July's price increase marks the 41st consecutive month of year-over-year gains.

Total housing inventory at the end of July declined 0.4 percent to 2.24 million existing homes available for sale, and is now 4.7 percent lower than a year ago (2.35 million).

Unsold inventory is at a 4.8-month supply at the current sales pace, down from 4.9 months in June.

The percent share of first-time buyers declined in July for the second consecutive month, falling from 30 percent in June to 28 percent — the lowest share since January of this year (also 28 percent). A year ago, first-time buyers represented 29 percent of all buyers.


 

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