Re/Max LLC reported that sales of previously owned homes fell 10% in July from the month prior and that purchases for the home buying season may have peaked in June.
The Denver-based real estate brokerage firm noted, however, that July sales are 10.3% above where they were a year ago on a nonseasonally adjusted basis.
“This housing recovery is real,” said Re/Max chief executive Margaret Kelly. But “what we need for a sustainable recovery is a turn-around in unemployment and better availability of mortgages, especially for higher-priced homes,” she added.
The National Association of Realtors releases its existing home sales report for July on Aug. 22.
Analysts at JPMorgan Chase expect the NAR report to show a 3% increase in sales from June to a 4.5 million seasonally adjusted annual rate in July.
New home sales have exhibited recent strength and
