Thursday, August 13, 2015

Lawler: Early Read on Existing Home Sales in July

by Bill McBride on 8/13/2015 02:42:00 PM

From housing economist Tom Lawler:

Based on reports from local realtors/MLS from across the country released through today, I estimate that existing home sales as measured by the National Association of Realtors ran at a seasonally adjusted annual rate of 5.64 million in July, up 2.7% from June’s pace and up 11.2% from last July’s seasonally adjusted pace.

I also project that the NAR’s estimate of the number of existing homes for sale at the end of July will be about 2.37 million, up 3.0% from June and up 0.9% from last July.

Finally, I predict that the NAR’s estimate of the median existing SF home sales price in July will be up by about 5.3% from last July.

CR Note: The NAR is scheduled to report July existing home sales next Thursday at 10:00 AM. The sales rate in July will likely be the highest since February 2007.