National + Apartments | August 22, 2023

Existing-Home Sales Suffer 16.6% Annual Decline

Existing-home sales receded in July, the National Association of Realtors (NAR) said Tuesday. Although home sales grew in the West, they faded in the Northeast, Midwest and South. All four regions registered year-over-year sales declines.

Total existing-home sales – including single-family homes, townhomes, condominiums and co-ops – slipped 2.2% from June to a seasonally adjusted annual rate of 4.07 million in July. Year-over-year, sales declined 16.6%.

“Two factors are driving current sales activity – inventory availability and mortgage rates,” said NAR chief economist Lawrence Yun. “Unfortunately, both have been unfavorable to buyers.”

The median existing-home sales price rose 1.9% from a year ago to $406,700. It was the fourth time the monthly median price topped $400,000.

“Most homeowners continue to enjoy large wealth gains from recent years with little concern about home price declines,” Yun said. “However, many renters are concerned as they’re facing growing affordability challenges because of high interest rates.”

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Inside The Story

NAR's Yun

About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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