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Sales of second-hand homes in the US fell in July due to the rise in mortgages

Sales of second-hand homes in the United States registered a drop of 2.2% in July compared to the previous month and 16.6% in one year, to an annualized figure of 4.07 million, according to data from the National Association of Realtors (NAR).

“Two factors are driving current sales activity: inventory availability and mortgage rates,” said NAR chief economist Lawrence Yun. “Unfortunately, both have been unfavorable to buyers,” he added.

In this sense, the inventory of second-hand homes for sale registered at the end of July was 1.11 million units, 3.7% more than in June, but 14.6% less than a year ago.

In this way, the inventory would cover the supply of 3.3 months at the current sales rate, compared to 3.1 months in June and 3.2 months in July 2022.

On its side, the median price of used homes for all types of housing reached $406,700 (373,423 euros) in July, an increase of 1.9% since July 2022.

“Most homeowners are still enjoying the great capital gains of the past few years and don’t care much about falling house prices,” said Yun, who, however, warned of the growing problems posed by interest rates for those who rent.

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