Existing Home Sales Preview: Estimates Call For Slight Drop From June

The National Association of Realtors (NAR) will be releasing the existing home sales figures for July at 10:00 a.m. ET, with a consensus forecast of 5.4 million. Estimates range from 5.3 million to 5.6 million, according to Bloomberg News.

This compares slightly unfavorably to a June reading of 5.49 million, which beat June consensus estimates of 5.4 million. A strong July report would mark the fourth straight month of beating estimates, an indication that the housing recovery is continuing at a solid pace.

Following last month's report, Lawrence Yun, NAR chief economist, said this year's spring buying season has been the strongest since the downturn. "Buyers have come back in force, leading to the strongest past two months in sales since early 2007," he said. "This wave of demand is being fueled by a year-plus of steady job growth and an improving economy that's giving more households the financial wherewithal and incentive to buy."

According to the NAR, the median existing-home price for all housing types in June was $236,400, which is 6.5 percent above June 2014 and surpasses the peak median sales price set in July 2006 ($230,400). June's price increase also marks the 40th consecutive month of year-over-year gains. June's increase was fueled partly by an increase in sales to first-time buyers, with existing-home sales increased in June to their highest pace in nearly six years

Total housing inventory at the end of June inched 0.9 percent to 2.30 million existing homes available for sale, and is 0.4 percent higher than a year ago (2.29 million). Unsold inventory is at a 5.0-month supply at the current sales pace, down from 5.1 months in May.