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Existing-home sales in U.S. slip 0.7 percent in July

Staff Writer |
Existing-home sales subsided for the fourth straight month in July to their slowest pace in over two years, according to the National Association of Realtors. The West was the only major region with an increase in sales last month.

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Total existing-home sales, which are completed transactions that include single-family homes, townhomes, condominiums and co-ops, decreased 0.7 percent to a seasonally adjusted annual rate of 5.34 million in July from 5.38 million in June.

With last month's decline, sales are now 1.5 percent below a year ago and have fallen on an annual basis for five straight months.

The median existing-home price for all housing types in July was $269,600, up 4.5 percent from July 2017 ($258,100). July's price increase marks the 77th straight month of year-over-year gains.

Total housing inventory at the end of July decreased 0.5 percent to 1.92 million existing homes available for sale (unchanged from a year ago). Unsold inventory is at a 4.3-month supply at the current sales pace (also unchanged from a year ago).

Properties typically stayed on the market for 27 days in July, up from 26 days in June but down from 30 days a year ago. Fifty-five percent of homes sold in July were on the market for less than a month.


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