Decrease in housing sales in America – Tejaratnews

According to Tejarat News, citing Economic, the National Association of Realtors (NAR) announced that housing sales in the United States decreased by 2.2 percent in July and reached a seasonally adjusted annual rate of 4.07 million.

The number of transactions on a year-over-year basis, including single-family homes, townhomes, condominiums, and cooperatives, decreased by 16.6 percent.

The median available home price for all housing types rose 1.9 percent year over year to $406,700 in July.

The total housing inventory reached 1.11 units at the end of July, which increased by 3.7% compared to June 2023, but decreased by 14.6% compared to July 2022.

Lawrence Yoon, chief economist for the National Association of Realtors, said two factors are driving current sales activity, including current inventory and mortgage rates; Unfortunately, both have been unfavorable for buyers.

Source: ISNA