On August 24, 2016, National Association of Realtors® (NAR) reported that nationwide existing home sales fell 3.2% to annual rate of 5.39 million homes in July of 2016 from 5.57 million homes in June of 2016, and lower 1.6% of 5.48 million homes from July of 2015.
There were 2.13 million homes supplies of available inventory in July of 2016 up 0.9% from June of 2016, but declined 5.8% of 2.26 million homes from July of 2015; while, there were 4.7 months available inventory in July of 2016 gained from 4.5 months in June of 2016. On average it took 36 days in July of
2016, increased from 34 days in June of 2016, and down from 42 days in July 2015.
First time buyers acquired 32.0% of homes in July of 2016, decreased from 33.0% in June of 2016, but rose from 28.0% in July of 2015. Cash buyers purchased 21.0% of all sales in July of 2016, lower from 22.0% in June of 2016, and from 23.0% in July of 2016. Investors purchased 11.0% of homes in July of 2016, same as from 11.0% in June of 2016, but dropped from 13.0% in July of 2015, according to Adam DeSanctis
of NAR on August 24, 2016.
Lawrence Yun, NAR chief economist, stated “Realtors® are reporting diminished buyer traffic because of the scarce number of affordable homes on the market, and the lack of supply is stifling the efforts of many prospective buyers attempting to purchase while mortgage rates hover at historical lows.”
For more complete information, on NAR's July of 2016 existing home sales report, please CLICK HERE
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