1. Existing-home sales in July were up by 2.5 percent from the previous month and up 0.6 percent from one year ago to a seasonally adjusted annual rate of 5.42 million. Compared to last year, sales were up in the Midwest and South but down in the Northeast and West. The median price of $280,800 is up 4.3 percent from one year ago, driven by strong gains in the West and South as well as the Midwest, where the median price of $226,300 represents an 8.1 percent increase from one year ago.
Total housing inventory was down 1.6 percent from 1.92 million one year ago. Unsold inventory is at a 4.2-month supply at the current sales pace, down from the 4.3-month supply recorded in July of 2018. Lawrence Yun, chief economist for the National Association of Realtors, noted that the inventory of moderately-priced homes is inadequate and more home building is needed (see the article below on the missing middle for more about this issue). — MARKETWATCH