Existing Home Sales Below 5,000,000 For The Fourth Straight Month

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Home resales are fading into fall.

Home Supplies Climb To 9.4 Months

According to the National Association of REALTORS®, Existing Home Sales nationwide fell to 4.67 million units on a seasonally-adjusted annualized basis last month. It's the fourth straight month below the 5 million mark -- the report's lowest reading since November 2010.

An "existing home" is a home that's been previously occupied or owned.

In addition, the Existing Home Sales report showed home supplies rising nationwide. At the current pace of sales, the complete, national "For Sale" inventory would be exhausted in 9.4 months.

This, too, is the worst reading since November 2010.

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Demand Falls Faster Than Supply

The Existing Home Sales report contained some choice data, too.

• Distressed sales account for 29% of all home resales
• First-time home buyers account for 32% of all home resales
• 29 percent of all home resales were "cash sales"

And, lastly, despite an increase in the "months of housing supply", the actual number of homes available for sale in July was off  1.7 percent from June. Both demand and supply are falling, it appears, but demand is falling more sharply.

For home buyers, this can create opportunity. With fewer people competing for homes, buyers may find sellers more willing to negotiate on price, and more willing to make concessions. The result is a better "deal".

And it doesn't hurt that mortgage rates are at all-time lows.

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Mortgage rates are bottoming out. Whether you're buying a home or refinancing one, it's time to talk to your lender. Low rates don't last forever.

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