A brief excerpt:
Note: The National Association of Realtors (NAR) is scheduled to release July existing home sales tomorrow, Tuesday, August 22nd, at 10:00 AM ET. The consensus is for 4.15 million SAAR, down from 4.16 million last month. Housing economist Tom Lawler expects the NAR to report sales of 4.06 million SAAR for July.
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In July, sales in these markets were down 14.7%. In June, these same markets were down 16.8% YoY Not Seasonally Adjusted (NSA).
This is a smaller YoY decline NSA than in June for these markets. Note that there were the same number of selling days each year in July 2022 and July 2023.
A key factor in the smaller YoY decline was that sales were steadily declining last year due to higher mortgage rates – and sales in July on a seasonally adjusted annual rate (SAAR) basis will likely be close to 4.06 million.
Several local markets – like Illinois, Miami, New Jersey and New York – will report after the NAR release.
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