U.S. real estate market continues slow down

A recent report by TD Economics notes home sales in the United States dropped almost six per cent month over month, or 4.1 million homes annualized, slightly below the consensus of 4.86 million.Sign up to receive daily headline news from the Calgary Herald, a division of Postmedia Network Inc.By clicking on the sign up button you consent to receive the above newsletter from Postmedia Network Inc. You may unsubscribe any time by clicking on the unsubscribe link at the bottom of our emails.

All regions saw activity fall in July, the report states, but the western U.S. saw the largest decline of more than nine per cent with the midwest seeing the least significant decrease in sales of about three per cent. Additionally, supply rose in July, up nearly five per cent from June, though even with the same period last year. The U.S. market had more than three months in July up from 2.6 months last July and 2.9 months from this past June.

The TD report notes July was the sixth consecutive month of falling sales, driven by rising borrowing costs and historically high prices. It further adds mortgage rates have eased, falling from 5.8 per cent to 5.2 per cent on average month over month. Yet the decline in activity will likely not reverse in the coming months with the Federal Reserve expected to increase its policy rate by another 100 basis points by the end of the year.

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