Existing home sales move lower and below pre-pandemic levels
- US existing home sales 4.81M vs 4.89M estimate.
- Prior month revised to 5.11M from 5.12M previously reported
- inventory of homes 1.31 million
- median home price for existing homes $403,800. That's up 10.8% from July 2021
- 3.3 month supply vs 3.0M last month
Looking at the chart above, the annualized sales pace is below the pre-pandemic levels between around 5.2 million and 5.6 million annualized rate. This signals the weakness caused by the higher prices and higher rates.