Existing-home sales posted the second straight month-on-month growth in July, but annual growth fell to its lowest level in at least a year.
VNQ is up 0.22%, SCHH up 0.19%, and IYR up 0.23%.
Existing-home sales including single-family homes, townhomes, condominiums, and co-ops grew 2.0% from June to hit 5.99 million in July. Modest month-on-month growths were seen in three of the four US regions, with one unchanged.
Year-on-year growth eased to 1.5%, down from 23.1% in June and 9.3% in July 2020. This is the slowest in at least a year, based on immediately available data from the National Association of Realtors.
Total housing inventory stood at 1.32 million units, up 7.3% from June but 12.0% lower than July 2020. Unsold units reflected a 2.6-month supply, higher than the 2.5-month level in June but lower than July 2020’s 3.1 months.
Median existing-home price climbed year-on-year for the 113th straight month to $359,900. This is 17.8% bigger than the $305,600 recorded in July 2020. Properties were on the market for an average of 17 days.
First-time buyers took up 30% of sales, second-home buyers purchased 15%, and distressed sales accounted for less than 1%.