U.S. July Existing Homes Drop to Their Lowest Level in 15 Years

Existing-home sales plunged 27.2 percent to an annual rate of 3.83 million in July, the National Association of Realtors said Tuesday. “Sales are at the lowest level since the total existing-home sales series launched in 1999, and single family sales – accounting for the bulk of transactions – are at the lowest level since May of 1995…Total housing inventory at the end of July increased 2.5 percent to 3.98 million existing homes available for sale, which represents a 12.5-month supply at the current sales pace, up from an 8.9-month supply in June.” – NAR