Economics
US Existing-Home Sales Fall a Sixth Month to Over Two-Year Low
- Contract closings dropped 5.9% to slowest pace since May 2020
- ‘We’re witnessing a housing recession,’ NAR economist says
Homes in Hercules, California.
Photographer: David Paul Morris/BloombergThis article is for subscribers only.
Sales of previously owned US homes fell for a sixth straight month in July in the latest indication of how high borrowing costs and waning demand are propelling the housing market’s rapid decline.
Contract closings fell 5.9% in July to an annualized 4.81 million, the weakest since May 2020, figures from the National Association of Realtors showed Thursday. The median estimate called for 4.86 million in a Bloomberg survey of economists. Sales fell 22.4% from a year ago on an unadjusted basis.