In the event that one can not wait for the Realtors to issue their existing home sales report for July, not to worry. Ten-X has it covered.
According to the Ten-X Residential Real Estate Nowcast, July existing home sales will fall between seasonally adjusted annual rates of 5.41 and 5.77 million, with a targeted number of 5.59 million – a 0.3 percent increase from June and a 0.1 percent year-over-year gain.
"The housing market continues to recover, despite low inventory and price appreciation that makes affordability an issue in some of the hotter markets," said Ten-X Executive Vice President Rick Sharga. "Market dynamics continue to shift to a more normal state, with fewer distressed property sales, less investor activity, and slightly more first-time buyers in the market."
The NAR also reported a 4.8 percent year-over-year increase in median existing home prices to $247,700 for June, marking the 52nd consecutive month of year-over-year gains and nearly matching the prediction of $243,833 that Ten-X made in last month's nowcast. Findings from the Ten-X Residential Real Estate Nowcast now suggest that sales prices for existing homes will fall between $238,114 and $263,179 in the month of July with a targeted price of $250,646, representing 1.2 percent month-over-month and 7.1 percent year-over-year gains.