by Calculated Risk on 8/15/2011 06:47:00 PM

Usually economist Tom Lawler sends me his forecast for existing home sales (and his forcasts have been very close). Tom has been extremely busy this month, but he sent me this short update today:

My early read of local MLS/association data suggests that national existing home sales as measured by the NAR may actually dip a bit on a seasonally adjusted basis in July -- of course, taking into account the lower business day count this July vs. last July.

The NAR reported existing home sales at 4.77 million in June, and the consensus (from Bloomberg) is for sales of 4.92 million at a Seasonally Adjusted Annual Rate (SAAR) in July (the NAR will report on Thursday).