After four consecutive monthly gains, Zillow expects existing home sales to fall in July.
The site estimates that sales will drop 1.9 percent in July from June, to 5.46 million units at a seasonally adjusted annual rate. Tight inventory and shifting seasonal patterns may be the cause for the decrease.
“If nothing else, the odds that home sales continue to rise are increasingly dim,” Zillow’s Aaron Terrazas writes. “Since the series began in February 1999, runs of five months or more of consecutive monthly gains have only occurred five times – and only one of those streaks lasted six consecutive months or more.”