US Existing Home Sales Fall More Than Expected To Record Low

Daily Forex Fundamentals | Written by DailyFX | Jul 24 08 14:31 GMT |


The National Association of Realtors (NAR) index of sales of previously owned homes fell 2.6 percent during the month of June to bring total sales down to a record low of 4.86 million. Much of the decline is due to single family home sales, which dipped 3.2 percent, as condo/co-op sales actually edged 1.7 percent higher. Furthermore, single family home inventories jumped to 11 months from 10.5 months, while condo/co-op inventories dropped to 12 months from 14.1 months. Overall, this highlights the fact that restrictive credit markets are helping deter potential homebuyers, making properties that can easily be rented out (such as condos) more attractive. Furthermore, according to the NAR, existing-home sales compose 85 percent of total home sales, highlighting just how dour overall residential real estate market conditions are.

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