Total existing-home sales slipped 0.2 percent to a seasonally adjusted annual rate of 5.75 million units last month, 9 percent below July 2006’s 6.32 million-unit level, according to the National Association of Realtors (NAR).
– Total housing inventory, which includes single-family, townhomes, condominiums and co-ops, rose 5.1 percent to 4.59 million, representing a 9.6-month supply at the current sales pace, up from a 9.1-month supply in June.
– Single-family home sales slipped 0.4 percent to a seasonally adjusted annual rate of five million from an upwardly revised level of 5.02 million in June, and were 9.3 percent below the year-ago pace of 5.51 million units.
– Existing condominium and co-op sales rose 1.4 percent to a seasonally adjusted annual rate of 750,000 units from 740,000 in June, but were 7.5 percent below the 811,000-unit level in July 2006.
– The median existing condo price was $230,600 in July, up 2.4 percent from a year ago.
– Existing-home sales in the West rose 1.8 percent to an annual pace of 1.12 million, but were 15.2 percent below a year ago. The median price was $349,400, up 0.9 percent from July 2006.
– In the Northeast, sales increased 1 percent to 1.02 million in July, but were 2.9 percent lower than July 2006. The median existing-home price in the Northeast was $290,900, up 5.9 percent from a year ago.
– Sales in the South were unchanged at an annual rate of 2.26 million in July, but were 10.7 percent below a year ago. The median price in the South was $186,300, down 3.2 percent from July 2006.
– Midwest sales fell 2.2 percent in July to 1.35 million, 5.6 percent below July 2006. The median price in the Midwest was $173,800, 1.8 percent below a year ago.
According to Freddie Mac, the national average commitment rate for a 30-year conventional fixed-rate mortgage was up slightly from June’s 6.66 percent to 6.7 percent last month, which is down slightly compared with 6.76 in July of last year. Last week, Freddie Mac reported the 30-year fixed-rate mortgage dropped to 6.52 percent.
Source: National Association of Realtors