US Existing-Home Sales Slide on Higher Rates, Lean Inventory
- July contract closings lowest since January, NAR data show
- Inventory of homes was smallest for any July on record
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Sales of previously owned US homes fell in July to the lowest level since the start of the year, constrained by a lack of inventory and higher borrowing costs.
Contract closings decreased 2.2% from a month earlier to a 4.07 million annualized pace, National Association of Realtors data showed Tuesday. The rate, which is close to the slowest since 2010, was weaker than nearly all estimates in a Bloomberg survey of economists.