New Home Sales slid 1.7% in July to a 627,000 yearly rate, off for the second straight month. But the housing recovery holds: sales for the first seven months of 2018 are up a healthy 7% over 2017.
Existing Home Sales slipped 0.7% in July to 5.34 million units annually, off now four straight months. But the decline in inventories reversed, coming in unchanged versus a year ago for the first time in 37 months!
Buyers may also be encouraged by the fact that although home prices rose in Q2, they did so at the slowest pace in four years for purchases financed with conventional (FHFA) mortgages.