WASHINGTON (MNI) - Home resales declined by 3.2% in July to an annual rate of 5.39 million, below expectations for a smaller decline to a 5.50 million rate from an unrevised 5.57 million pace in June, data released by the National Association of Realtors reported Wednesday showed.
NAR Chief Economist Lawrence Yun told reporters that he sees the decline from a multi-year high in June as a temporary pause. A backlog of appraisals may be part of the reason for the decline, he noted.
The number of housing units available for sale rose 0.9% in July to a total of 2.130 million houses, lifting the months supply to 4.7 months at the current sales pace from 4.5 months in June. However, Yun noted that there is still a supply issue, as the months supply was 4.9 months a year ago.
Sales fell in the Northeast, Midwest, and South regions, but rise modestly in the West region.
July's national median price of $244,100 was up sharply from $231,800 a year earlier, a sign of solid price acceleration.
