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  • Hector Curiel

Home sales fell nearly 6% in July as housing market slides into a recession


A sign is posted in front of a home for sale on July 14, 2022 in Corte Madera, California.

Sales of previously owned homes fell nearly 6% in July compared with June, according to a monthly report from the National Association of Realtors.


The sales count declined to a seasonally adjusted annualized rate of 4.81 million units, the group added. It is the slowest sales pace since November 2015, with the exception of a brief plunge at the beginning of the Covid pandemic.


Sales dropped about 20% from the same month a year ago.


“In terms of economic impact we are surely in a housing recession because builders are not building,” said Lawrence Yun, chief economist for the Realtors. “However, are homeowners in a recession? Absolutely not. Homeowners are still very comfortable financially.”


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