Wednesday, August 22, 2012

Update on July Existing Home Sales

We finally accessed NAR's website ( and got our hands on July existing home sales data.  As we expected and mentioned earlier, the 4.47MM annual run rate was below expectations of 4.51MM, but up from last year's 4.05MM rate.  Inventory increased 1.3% in July, but that represented a 6.4 months' supply, down slightly from June's 6.5.  We expected increase in inventory along with a higher months' supply figure.
Overall median price increased 9.4% Y/Y, driven by the 24.5% jump in the Western region. In terms of price ranges, Y/Y sales declined only in the lowest price range.  Most of the Y/Y increase was within the $250K - $500K and $500K - $750K ranges.  Regionally, the areas that showed decline in lowest price range ($100K and below) increased the most within the highest price range ($1MM+). Distressed homes as a percentage of total sales dipped to 24% from June's 25%.
Sales were up m/m in every region except for the West where it was unchanged.  Y/Y sales increased in every region.
Lastly, we note that 34% of sales were to first time buyers.  This is up from 32% in June, but remains significantly below what NAR refers to as the normal conditions' 40%+.  

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