You know it can’t be good news when an article about home sales starts out like this: Analysts’ estimates for July home sales aren’t even close.
And it wasn’t good news.
According to HousingWire.com, the sale of new single family homes hit an all-time low of 276,000 units for the month of July, down over 12 percent from the revised June estimates of 315,000.
That’s 35 percent lower than one year ago.
NAR reported a 27 percent decline in existing home sales for July, which is the lowest in more than a decade. The estimate on the street had been a 12 percent decline.
Not surprisingly, real estate brokers and agents are feeling the pain. NAR and other state realtor associations are reporting double-digit drops in membership. NAR alone has lost 200,000 members since 2006. Some California agents are reporting business is off some 65 percent from peak years.