Home Sales Drop 6 Percent in July as ‘Housing Recession’ Hits, Says NAR

A 'for sale' sign hangs in front of a home on June 21, 2022, in Miami, Fla. Joe Raedle/Getty Images

Existing U.S. home sales have dropped 5.9 percent in July, the sixth consecutive month of decline, according to the National Association of Realtors (NAR), which admitted a “housing recession.”

At a seasonally adjusted annual rate of 4.81 million, home sales are down 25.9 percent since January and 20.2 percent from a year ago.