U.S. existing home sales fall for fourth straight month in July
U.S. home sales fell for a fourth straight month in July as a shortage of properties on the market pushed up house prices, likely sidelining some potential buyers.
The National Association of Realtors said on Wednesday existing home sales fell 0.7% to a seasonally adjusted annual rate of 5.34 million units last month. July’s drop marked the longest streak of monthly declines since 2013.
Economists polled by Reuters had forecast existing home sales would gain 0.6 percent to a rate of 5.40 million units in July. Sales fell across the Northeast, South and Midwest, but rose in the West.
Existing home sales, which make up about 90 percent of U.S. home sales, fell 1.5 percent from a year ago in July. Sales have been stymied by an acute shortages of homes on the market for several months, although the NAR said inventory showed signs of stabilizing last month.