NAR: Existing-home sales lose steam in July

Slowed by frustratingly low inventory levels in many parts of the country, existing-home sales lost momentum in July and decreased year-over-year for the first time since November 2015, according to the National Association of REALTORS (NAR).Total existing-home sales fell 3.2 percent to a seasonally adjusted annual rate of 5.39 million in July from 5.57 million in June. July existing-home sales in the Northeast descended 13.2 percent to an annual rate of 660,000, and are now 5.7 percent below a year ago. To read the entire NAR press release, click here.