From USA Today:
Sales of existing homes dropped for a fifth straight month in July, falling to the slowest annual pace in nearly five years, while home prices fell for a record 12th consecutive month.
The National Association of Realtors reported that sales of existing homes dipped 0.2% last month to a seasonally adjusted annual rate of 5.75 million units.
The median price of a home sold last month slid to $230,200, down 0.6% from the median price a year ago. It marked the 12th consecutive month that home prices have declined compared with a year ago, an all-time high.
The inventory of homes for sale rose 5.1% to 4.59 million, representing 9.6 months worth of supply at the current sales pace.
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1 comment:
Wow.This is a time to buy or hold.
I don't think we have seen the worst of it yet.Rates for Jumbo loans (417,000)or higher were up sharply from 7 to 13% last week.
This will continue to drag the economy downward.
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