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Friday, August 16, 2019

Lawler: Early Read on Existing Home Sales in July

by Calculated Risk on 8/16/2019 03:35:00 PM

From housing economist Tom Lawler: Early Read on Existing Home Sales in July

Based on publicly-available local realtor/MLS reports released across the country through today, I project that existing home sales as estimated by the National Association of Realtors ran at a seasonally adjusted annual rate of 5.40 million in July, up 2.5% from June’s preliminary estimate and up 0.2% from last July’s seasonally adjusted pace.

On the inventory front, local realtor/MLS data, as well as data from other inventory trackers, suggest that the inventory of existing homes for sale at the end of June should be about 1.6% lower than last July.

Finally, local realtor/MLS data suggest that the median US existing single-family home sales price last month was up by about 4.7% from last July.

CR Note: Existing home sales for July are scheduled to be released on Wednesday, August 21st. The early consensus is the NAR will report sales of 5.40 million SAAR (same as Lawler).