Where Are Existing-Home Sales Headed?

Auction.com has revised its July prediction of existing-home sales downward after online traffic patterns shifted in the second half of the month. The seasonally adjusted annual rate of existing-home sales for July is expected to be 5.57 million units, according to Auction.com Real Estate Nowcast. The online real estate marketplace based in California had originally predicted 5.67 million annual sales. That revised number represents a 1.4% increase from June. At $239,126, the projected median sales price for July remains unchanged from the company’s nowcast released on July 22. The revision is in line with a recent report by the National Association of Realtors, which saw its Pending Home Sales Index decline 1.8% to 110.3 in June, after five consecutive months of increases. NAR's next existing-home sales release is scheduled for August 2oth. More: Pending Home Sales Slip, Remain High The housing market "recovery continues to be uneven, taking an occasional step backwards," said Auction.com Executive Vice President Rick Sharga in a press release. He also expressed concern about rising home prices and a likely increase in interest rates by the Federal Reserve as early as fall. The Auction.com Real Estate Nowcast uses industry data, proprietary company transaction data and Google search activity to predict market trends. Follow Mansion Global on Facebook, Twitter and Instagram Write to us at info@mansionglobal.com