Tags: us housing increase prices annual million quarters home sales supply sales rate sigmaforex indicate forex
Published : 10 months, 3 weeks ago (Tue, 26 Aug 2008 01:07:08 PDT)
Searched: home sales
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US existing home sales increased a more-than-expected 3.1% m/m in July to a 5 million annual rate, the highest since February, from 4.85 million in June, data from the National Association of Realtors showed. Existing home sales fell 13.2% y/y. Despite the monthly sales increase, home inventories expanded 3.9% m/m in July to a record-high 4.67 million available for sale. Sales increased in the Northeast, Midwest, and West, but fell slightly in the South. By type of home, sales were up for both single-family units and condos/coops. The median home price was $212,400 in July, down slightly from June and off 7.1% y/y. Single-family home prices fell 7.7% y/y. The months' supply of existing homes at the current sales rate rose to 11.2 in July from 11.1 in June; however, all of the increase was due to condos/coops. The months' supply of single-family homes declined to 10.6 from June's 11.0. Overall, the figures indicate the US housing slump is far from over and home prices are likely to drop further in the next quarters.
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