On July August 22, 2018, National Association of Realtors® (NAR) reported that nationwide existing home sales declined 0.7% to annual rate of 5.34 million homes in July of 2018 from 5.38 million homes in June of 2018, and down 1.5% from July of 2017.
There were 1.92 million homes supplies of available inventory in July of 2018 declined 0.5% from June of 2018, but did not change 0.0% from 1.92 million homes in July of 2017; while, there were 4.3 months available inventory in July of 2018 same as compare to 4.3 months in July of 2017. On average it took 27 days to sell a home in July of 2018 higher from 26 days in June of 2018, but lower from 30 days in July 2017.
First time buyers acquired 32.0% of homes in July of 2018, gained from 31.0% in June of 2018, but decrease from 33.0% in July of 2017. Cash buyers purchased 20.0% of all sales in July of 2018, decreased from 22.0% in June of 2018, and rose from 19.0% in July of 2017. Investors purchased 13.0% of homes in July of 2018, same as from 13.0% in June of 2018, and from 13.0% in July of 2017, according to NAR on August 22, 2018.
Lawrence Yun, NAR chief economist, stated “Too many would-be buyers are either being priced out, or are deciding to postpone their search until more homes in their price range come onto the market.”
For more complete information on NAR's July of 2018 existing home sales report, please click HERE