Home sales fell almost 20% in July and are now at the slowest pace since 2020, according to the latest data from Redfin…(Redfin)
- Y-O-Y: Home sales dropped 19.3% compared to the same time last year and are now at the lowest level since the start of the pandemic in 2020.
- M-O-M: Home sales were down 4.1% from June and this was the sixth-straight monthly decline.
Listings down. Concerns about the slowing housing market have caused listings to fall for the month and year. Listings were down 0.3% from June and are down 13.5% when compared to the same time last year. However, because the pace of homes being sold is slowing the month’s supply was actually up to 2.1 in July which is 0.4 months higher than June and up 0.7 months from July 2021.
- North Port, FL had the biggest increase in the number of homes for sale, up 58% year over year, followed by Austin, TX (37%) and Nashville, TN (33%).
- Allentown, PA had the largest decrease in overall active listings, falling 42.9% since last July. Hartford, CT (-28%), Bridgeport, CT (-26%), and Greensboro, NC (-24%).
Home prices still up. Nationally home prices were still up year-over-year at 7.7% however this is the slowest pace since June 2020.