US Existing Home Sales: Market imbalance holds down sales activity - Wells Fargo

Today’s report showed that Existing Home sales dropped 1.3% in July. According to analysts from Wells Fargo, the housing market remains out of balance, with a strong job market fueling demand amid a dearth of inventory.

Key Quotes: 

“Resales slowed 1.3 percent in July to 5.44 million, while the median price edged down slightly from June’s record high. The typical home was on the market for 30 days in July, the fourth month in a row that homes typically sold in less than a month. There were also fewer homes for sale at the end of July.”

“Solid job growth and low mortgage rates continue to support housing demand, but lean inventories have pushed home prices up faster than incomes. Competition among homebuyers is intense, with over half the homes sold this summer on the market less than one month.”