US: Existing-home sales slip 0.7% in July

Eren Sengezer FXStreet

"Existing-home sales subsided for the fourth straight month in July to their slowest pace in over two years," the National Association of Realtors reported on Wednesday.

Key quotes

Total existing-home sales decreased 0.7 percent to a seasonally adjusted annual rate of 5.34 million in July from 5.38 million in June.
With last month’s decline, sales are now 1.5 percent below a year ago and have fallen on an annual basis for five straight months.
Lawrence Yun, NAR chief economist: "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."
- “Existing supply is still not at a healthy level, and new home construction is not keeping up to meet demand.”

Author

Eren Sengezer

FXStreet

As an economist at heart, Eren Sengezer specializes in the assessment of the short-term and long-term impacts of macroeconomic data, central bank policies and political developments on financial assets.

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