RMAX - U.S. home sales see first monthly slump since April Re/Max says
2023-08-17 17:46:03 ET
U.S. home sales in July experienced the first monthly decline since April, Re/Max Holdings ( RMAX ) reported Thursday, as the supply of homes for sales increased alongside interest rates.
Specifically, home sales slumped 14.7% from June and 16.1% from a year before, coinciding with new listings dropping 9.0% M/M and 26.7% Y/Y across the 50 metropolitan areas that RMAX surveyed.
Even so, consumer demand for housing remained strong. Inventory gained 3.1% in July and lagged 20.8% from July of last year, and the median sales price stayed elevated at $425K, down less than 1% M/M and up 1.2% Y/Y.
"The market is playing out like we expected it to, it's bumpy," Nick Bailey, president and CEO of Re/Max, said in a statement. "The inventory situation is unique — we are seeing it differ across the country depending on what area, but demand for housing is still strong. As rates stabilize, consumers' confidence should strengthen, helping boost market activity."
The markets with the biggest decreases in Y/Y new listings were Phoenix, Arizona (-59.3%), Las Vegas, Nevada (-45.8%), and Providence, Rhode Island (-37.4%).
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U.S. home sales see first monthly slump since April, Re/Max says