Search
 

Existing-Home Sales Falter in July

WASHINGTON, DC—The year-over-year decline in for-sale apartments, including condominiums and co-ops, was especially steep, according to the National Association of Realtors.

By Paul Bubny | paulbubny | Updated on August 24, 2016

National Association of Realtors economist Lawrence Yun Yun cites “severely restrained inventory” as the main culprit in July’s dropoff.

WASHINGTON, DC—While sales of new homes in July surpassed all expectations, the volume of trades for existing homes went in the opposite direction. The National Association of Realtors said Wednesday that existing-home sales declined year over year last month for the first time since this past November, with volume of for-sale apartments taking an especially steep fall.

“Severely restrained inventory and the tightening grip it’s putting on affordability is the primary culprit for the considerable sales slump throughout much of the country last month,” says Lawrence Yun, chief economist at NAR. “Realtors are reporting diminished buyer traffic because of the scarce number of affordable homes on the market, and the lack of supply is stifling the efforts of many prospective buyers attempting to purchase while mortgage rates hover at historical lows.”

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.