US Existing Home Sales decline 2.2% in July

• Existing Home Sales in the US continued to decline in July.
• US Dollar Index stays in positive territory above 103.50.

Existing Home Sales in the US declined 2.2% in July to an adjusted annual rate of 4.07 million, the National Association of Realtors (NAR) reported on Tuesday. This reading followed the 3.3% decrease recorded in June.

“The median existing-home sales price rose 1.9% from one year ago to $406,700. It was the fourth time the monthly median sales price eclipsed $400,000, joining June 2023 ($410,000), June 2022 ($413,800) and May 2022 ($408,600),” the NAR noted in its press release. “The inventory of unsold existing homes increased 3.7% from the previous month to 1.11 million at the end of July, or the equivalent of 3.3 months’ supply at the current monthly sales pace.”

Market reaction

The US Dollar preserves its strength following this report and the US Dollar Index was last seen rising 0.3% on the day at 103.60.