Appraisal and Inventory Issues Complicate Existing Sales Numbers

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Posted To: MND NewsWire

” Frustratingly low inventory levels in many parts of the country” take the blame from the National Association of Realtors® (NAR) for a drop in July existing home sales, the first loss after four straight months of gains. Resales of single-family homes, townhomes, condos, and co-ops were 3.2 percent below the level of sales the previous month and were slower on an annual basis for the first time since last November, coming in 1.6 percent below the rate in July 2015. Completed home sale transactions were at a seasonally adjusted annual rate of 5.39 million in July compared to 5.57 million in June and 5.48 million in July of last year. It was only the second time in 21 months that sales failed to better their year-earlier numbers. The numbers were below even the lowest of analysts’ estimates…(read more)

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