Date: August 24, 2010
US Existing Home Sales, July 2010 Results
Source: National Association of REALTORS
Link to Release: http://www.realtor.org/press_room/news_releases/2010/08/ehs_fall
Summary: U.S. existing home sales were sharply lower in July, down 27.2 percent to a seasonally adjusted annual rate of 3.83 million units compared to the downwardly revised June rate of 5.26 million. Compared to June 2009, sales were also down approximately 27 per cent. The annual rate of sales was at the lowest level since 1999. The median selling price rose 0.7 per cent over year-ago levels to $182,600. The percentage of sales accounted for by distressed properties remained at 32 per cent.
Analysis: U.S. existing home sales continued to decline in July as high unemployment, rising economic uncertainty and the expiry of the federal government’s first time buyer’s tax rebate dampened the confidence of potential home-buyers. While prices continued upward in July, a spike in active listings to 3.98 million existing homes available for sale (resulting in months of supply measure jumping to 12.5 months) suggests that sustained price growth may not be a safe bet moving forward.
Source: Toronto Real Estate Board
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