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U.S. Existing Home Sales Experience July Decline Amidst Mortgage Rate Rebound

The latest data from the National Association of Realtors (NAR) has revealed a 2.2% decline in existing home sales for July, with the seasonally adjusted figure resting at 4.07 million. This decrease marks a notable month-on-month shift in the market.

Moreover, the year-on-year analysis demonstrates a significant 16.6% plummet in home sales during July.

The setback in the resale of second-hand homes can be attributed to the resurgence of mortgage interest rates, coupled with a scarcity in available housing stock. The inventory of homes experienced a sharp 14.6% drop in July compared to the previous year, leaving only 1.11 million units in supply.

In terms of pricing, the median home price exhibited a 1.9% increase year over year, reaching $406,700.When delving into the interplay between home sales and housing stock, a revealing statistic emerges: home sellers required an average of 3.3 months to successfully sell their properties, thereby depleting the available stock within the market. This metric underscores the dynamic balance between supply and demand in the real estate landscape.

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