U.S. home sales to lowest level since 1990s

New York /
Aug.August 24, 2010 03:15 PM

U.S. existing home sales tumbled last month to their lowest levels in more than a decade, according to a monthly report from the National Association of Realtors, released today.

Home sales — including single-family houses, townhouses, condominiums and co-ops — were at an annual rate of 3.83 million units in July, down 27.2 percent from 5.26 million in June and 25.5 percent from 5.14 million at this time last year, the report says.

Meanwhile, the share of home sales to first-time buyers dipped to 38 percent, down from 43 percent in June, while investors’ share increased to 19 percent from 13 percent the month before.

July was the first month following the expiration of the federal homebuyer tax credit, which doled out $8,000 each to first-timers who closed by June 30 and helped to boost summer sales. Analysts had therefore expected grim results for July, and Lawrence Yun, chief economist for NAR, said slow sales are likely to continue through September.

Still, home prices remained relatively steady, up 0.7 percent since last July to a median of $182,600, and, striking a hopeful note, Yun offered that “the pace of a sales recovery could pick up quickly, provided the economy consistently adds jobs.” TRD

 

Related Articles

arrow_forward_ios
Cape Cod and the Jersey Shore suffered among the sharpest inventory declines. (iStock)
Here’s where homes virtually sold out in the pandemic
Here’s where homes virtually sold out in the pandemic
(iStock)
Up, up and away: Home prices soar beyond buyers’ reach
Up, up and away: Home prices soar beyond buyers’ reach
Non-New York residents who worked remotely last year will still have to pay New York taxes. (iStock)
NY tax officials crack down on remote workers
NY tax officials crack down on remote workers
Andrew Yang (Getty, iStock)
Yang targets vacant lots with $900 million tax plan
Yang targets vacant lots with $900 million tax plan
Donald Trump and 40 Wall Street (iStock, Sterlfilms/Wikimedia)
40 Wall’s valuation chop means tax savings for Trump Org
40 Wall’s valuation chop means tax savings for Trump Org
Redfin CEO Glenn Kelman (Getty, Redfin)
Pocket listings exclude minority homebuyers, Redfin CEO says
Pocket listings exclude minority homebuyers, Redfin CEO says
Of the 110 metro areas with at least half a million people, 29 saw losses in 2020. (iStock)
More urban areas lost population in 2020
More urban areas lost population in 2020
Tomo Kipp, LeBron James, Jeff Conry and the Crystal View Court Mansion. (Getty, iAero, Compass)
Former Coconut Grove mansion of LeBron James sells for $13M
Former Coconut Grove mansion of LeBron James sells for $13M
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...