The National Association of Realtors® (NAR) is reporting that total existing-home sales on July, which are completed transactions that include single-family homes, townhomes, condominiums and co-ops, set a new monthly record increasing 24.7% above June, to a seasonally-adjusted annual rate of 5.86 million. The previous record monthly increase in sales was 20.7% in June of this year. Sales as a whole rose year-over-year, up 8.7%, 5.39 million in July 2019. Total housing inventory at the end of July totaled 1.50 million units, down from both 2.6% in June and 21.1% from one year ago (1.90 million). Unsold inventory sits at a 3.1-month supply at the current sales pace, down from 3.9 months in June and down from the 4.2-month figure recorded in July 2019.
FEA compiles the Wood Markets News from various 3rd party sources to provide readers with the latest news impacting forest product markets. Opinions or views expressed in these articles do not necessarily represent those of FEA.