Real Estate Market Update as of July 24, 2018

Existing Home Sales Continue To Fall

U.S. home sales fell for a third straight month in June as a persistent shortage of properties on the market pushed up house prices to a record high, likely sidelining some potential buyers. The National Association of Realtors said on Monday existing home sales fell 0.6 percent to a seasonally adjusted annual rate of 5.38 million units last month. May's sales pace was revised down to 5.41 million units from the previously reported 5.43 million units. Economists polled by Reuters had forecast existing home sales gaining 0.5 percent to a rate of 5.44 million units in June. Sales rose in the Northeast and Midwest, but fell in the West and populous South. Existing home sales, which make up about 90 percent of U.S. home sales, fell 2.2 percent from a year ago in June. They have dropped on a year-over-year basis for four consecutive months and declined 2.2 percent in the first half of 2018.

Courtesy of Sotheby's International Realty's in-house Lender Simon Atik, 310.880.8414, Simon.Atik@grarate.com, Vice President of Mortgage Lending, Guaranteed Rate Affinity.

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