US Economy News Today: Existing Homes Sales Decline Further

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Taylor Tompkins
Taylor Tompkins Taylor Tompkins
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Taylor Tompkins has worked for more than a decade as a journalist covering business, finance, and the economy. She has logged thousands of hours interviewing experts, analyzing data, and writing articles to help readers understand economic forces. She is the Economics Editor for news at Investopedia.

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Published July 23, 2024
11:20 AM EDT
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Welcome to Investopedia's economics live blog, where we explain what the day's news says about the state of the U.S. economy and how that's likely to affect your finances. Here we compile data releases, economic reports, quotes from expert sources and anything else that helps explain economic issues and why they matter to you.

Today, existing home sales were down more than expected and the number of homes for sale rose.

Existing Home Sales Are Depressed and Inventory is Piling Up

July 23, 2024 11:20 AM EDT

Sales of previously owned homes declined in June as inventory piled up, National Association of Realtors (NAR) data showed Tuesday.

Existing home sales fell from the month prior to an annually adjusted rate of 3.89 million in June, the report showed. It was lower than the 3.95 million economists surveyed by the Wall Street Journal and Dow Jones Newswire expected.

The 5.4% decline was the fourth straight and sales fell the same amount year-over-year.

At the same time, there were 1.32 million single-family homes, townhomes, condominiums and co-ops on the market, an increase of 3.1% from May and almost 25% higher from the same time a year ago.

“We're seeing a slow shift from a seller's market to a buyer's market. Homes are sitting on the market a bit longer, and sellers are receiving fewer offers,” said NAR Chief Economist Lawrence Yun. “More buyers are insisting on home inspections and appraisals, and inventory is definitively rising on a national basis.”

-Terry Lane

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  1. National Association of Realtors. “Existing-Home Sales Slipped 5.4% in June; Median Sales Price Jumps to Record High of $426,900.”

  2. MarketWatch. “U.S. Economic Calendar.”

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