"We're witnessing a housing recession in terms of declining home sales and home building, however, it's not a recession in home prices," economist Lawrence Yun said. File Photo by Alexis C. Glenn/UPI | License Photo
Aug. 19 (UPI) -- Sales of existing homes in the United States tumbled almost 6% in July and were down 20% compared to a year ago, according to an updated industry report.
The National Association of Realtors said the monthly decline was the sixth straight for existing home sales, and mark what it says is a clear recession in homes sales and home building.
The median existing-home price, however, increased by about 11% over the past 12 months, to $403,800. Although that´s a year-over-year increase, it is down $10,000 from last month's record of $413,800.
Inventory of unsold existing homes increased to 1.31 million by the end of July, the NAR noted.
"We're witnessing a housing recession in terms of declining home sales and home building, however, it's not a recession in home prices," NAR chief economist Lawrence Yun said in a statement Thursday.
"Inventory remains tight and prices continue to rise nationally with nearly 40% of homes still commanding the full list price."
Thursday´s report said that properties in July were typically on the market for two weeks -- basically unchanged from June and down from 17 days in July 2021. That´s the lowest average since NAR started tracking it in 2011.
The NAR noted that 82% of homes that were up for sale in July remained on the market for less than a month.
Additionally, the report said that first-time homebuyers accounted for almost 30% of the sales market in July and all-cash sales fell slightly from June to July.