Existing Home Sales Fall to 2.5-year Low

Existing home sales for July were down 0.7% versus June, with a 5.34 million seasonally-adjusted annual rate. This was the slowest pace since February 2016.

This marks the fourth consecutive month that existing home sales have declined. Supply remains constrained, with a 4.3-month supply available. This remains unchanged from June, but well below historical averages.

The median sales price for previously-owned homes was up 4.5% compared to July 2017.