By Tuba Sahin
ANKARA (AA) - Existing home sales in the US decreased for the sixth consecutive month in July to 4.81 million, the lowest level since May 2020, the National Association of Realtors (NAR) data showed Thursday.
Showing the change in the number of existing residential buildings sold, the figure was down 5.9% month-on-month and 20.2% year-on-year.
The market estimate was 4.89 million for the month.
The drop in the reading reflects the impact of the mortgage rate peak of 6% in early June, said NAR chief economist Lawrence Yun.
"Home sales may soon stabilize since mortgage rates have fallen to near 5%, thereby giving an additional boost of purchasing power to home buyers," Yun added.
The median existing-home sale price jumped to $403,800, up 10.8% from a year ago, according to NAR.
Prices posted 125 consecutive months of year-over-year increases, the longest-running streak on record.