4:07 PM » Early Read on Existing Home Sales in July
Based on reports released so far by local realtor associations/boards/MLS, I estimate that US existing home sales as measured by the National Association of Realtors ran at a seasonally adjusted annual rate of about 5.09 million in July, up 0.6% from June's estimate but down 5.4% from last July's estimate. Last July, of course, was the peak month for home sales in 2013. Based on a combination of local realtor/MLS reports and real-estate listings trackers, I project that the NAR's estimate of the number of existing homes for sale at the end of July will be up about 3.0% from the end of June. Barring revisions, such a gain would imply a YOY inventory increase of 5.8%, compared to the YOY gain of 6.5% in June.