U.S. Existing Home Sales Slump To Six-Month Low In July

RTTNews | 644 दिनों पहले
U.S. Existing Home Sales Slump To Six-Month Low In July

(RTTNews) - Existing home sales in the U.S. slumped by much more than expected in the month of July, according to a report released by the Commerce Department on Tuesday.

NAR said existing home sales tumbled by 2.2 percent to an annual rate of 4.07 million in July after plunging by 3.3 percent to an annual rate of 4.16 million in June. Economists had expected existing home sales to edge down to an annual rate of 4.15 million.

Existing home sales decreased for the fourth time in the past five months, falling to their lowest annual rate since hitting 4.00 million in January.

"Two factors are driving current sales activity - inventory availability and mortgage rates," said NAR Chief Economist Lawrence Yun. "Unfortunately, both have been unfavorable to buyers."

The report said housing inventory at the end of July was 1.11 million units, up 3.7 percent from June 1.07 million units in June but down 14.6 percent from 1.30 million units a year ago.

The unsold inventory represents 3.3 months of supply at the current sales pace, up from 3.1 months in June and 3.2 months in July 2022.

NAR said the median existing-home price was $406,700 in July, an increase of 1.9 percent from $399,000 in the same month a year ago.

"Most homeowners continue to enjoy large wealth gains from recent years with little concern about home price declines," Yun said. "However, many renters are concerned as they're facing growing affordability challenges because of high interest rates."

The report said single-family home sales slumped 1.9 percent to an annual rate of 3.65 million in July, while existing condominium and co-op sales plunged by 4.5 percent to an annual rate of 420,000.

On Wednesday, the Commerce Department is scheduled to release a separate report on new home sales in the month of July.

टैग: USD
read more
U.S. Consumer Confidence Rebounds Much More Than Expected In May

U.S. Consumer Confidence Rebounds Much More Than Expected In May

A report released by the Conference Board on Tuesday showed a substantial improvement by U.S. consumer confidence in the month of May. The Conference Board said its consumer confidence index spiked to 98.0 in May after plunging to a downwardly revised 85.7 in April.
RTTNews | 16घंटे 26 मिनट पहले
U.S. Durable Goods Orders Plunge 6.3% In April As Aircraft Orders Plummet

U.S. Durable Goods Orders Plunge 6.3% In April As Aircraft Orders Plummet

With orders for transportation equipment pulling back sharply, the Commerce Department released a report on Tuesday showing a steep drop by new orders for U.S. manufactured durable goods in the month of April. The Commerce Department said durable goods orders tumbled by 6.3 percent in April after surging by a downwardly revised 7.6 percent in March.
RTTNews | 16घंटे 37 मिनट पहले
U.S. Durable Goods Orders Pull Back Sharply In April

U.S. Durable Goods Orders Pull Back Sharply In April

With orders for transportation equipment pulling back sharply, the Commerce Department released a report on Tuesday showing a steep drop by new orders for U.S. manufactured durable goods in the month of April.
RTTNews | 18घंटे 5 मिनट पहले
U.S. New Home Sales Spike From Downwardly Revised Level In April

U.S. New Home Sales Spike From Downwardly Revised Level In April

The Commerce Department released a report on Friday showing new home sales in the U.S. in the month of April spiked compared to a significantly downwardly revised level in March. The report said new home sales soared by 10.9 percent to an annual rate of 743,000 in April after jumping by 2.6 percent to a downwardly revised rate of 670,000 in March.
RTTNews | 4 दिनों पहले
U.S. Existing Home Sales Unexpectedly See Further Downside In April

U.S. Existing Home Sales Unexpectedly See Further Downside In April

Existing home sales in the U.S. unexpectedly saw further downside in the month of April, according to a report released by the National Association of Realtors on Thursday. NAR said existing home sales fell by 0.5 percent to an annual rate of 4.00 million in April after plunging by 5.9 percent to a rate of 4.02 million in March.
RTTNews | 5 दिनों पहले
U.S. Weekly Jobless Claims Unexpectedly Edge Down To 227,000

U.S. Weekly Jobless Claims Unexpectedly Edge Down To 227,000

A report released by the Labor Department on Thursday unexpectedly showed a slight decline by first-time claims for U.S. unemployment benefits in the week ended May 17th. The Labor Department said initial jobless claims edged down to 227,000, a decrease of 2,000 from the previous week's unrevised level of 229,000. The dip surprised economists, who had expected jobless claims to inch up to 230,000.
RTTNews | 5 दिनों पहले
U.S. Leading Economic Index Slumps More Than Expected In April

U.S. Leading Economic Index Slumps More Than Expected In April

The Conference Board released a report on Monday showing its reading on leading U.S. economic indicators slumped by more than expected in the month of April. The report said the leading economic index tumbled by 1.0 percent in April after sliding by a downwardly revised 0.8 percent in March.
RTTNews | 8 दिनों पहले