California-based online real estate marketplace, Auction.com , LLC has revised its July Real Estate Nowcast do wnward. According to the Auction.com Nowcast report released Monday, existing-home sales in July are now projected to fall between seasonally adjusted annual rates of 5.39 and 5.75 million annual sales with a targeted number of 5.57 million. Although this is an increase of 1.4 percent from June, it is a more modest increase than the Nowcast had previously predicted for July. Auction.com reported that the projected median sales price for July reflected in the company’s original Nowcast released on July 22 remains unchanged at $239,126. The company blames the downward revision on a shift in online traffic patterns over the last half of July. Originally, Auction.com predicted the total number of existing-home sales to fall between 5.49 and 5.84 million annual sales with a targeted number of 5.67 million. “While we believe that the housing market con...
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