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lowed by frustratingly low inventory levels in many parts of the country, existing-home sales lost momentum in July and decreased year-over-year for the first time since November 2015, according to the National Association of Realtors (NAR). Only the West region saw a monthly increase in closings in July. Total existing-home sales, which are completed transactions that include single-family homes, townhomes, condominiums and co-ops, fell 3.2 percent to a seasonally adjusted annual rate of 5.39 million in July from 5.57 million in June. For only the second time in the last 21 months, sales are now below (1.6 percent) a year ago (5.48 million). Lawrence Yun, NAR chief economist, says existing sales fell off track in July after steadily climbing the last four months. "Severely restrained inventory and the tightening grip it's putting on affordability is the primary culprit for the considerable sales slump throughout much of the country last month," he says. "Realtors are reporting diminished buyer traffic because of the scarce number of affordable homes on the market, and the lack of supply is stifling the efforts of many prospective buyers attempting to purchase while mortgage rates hover at historical lows." e median existing-home price for all housing types in July was $244,100, up 5.3 percent from July 2015 ($231,800). July's price increase marks the 53rd consecutive month of year-over-year gains. Total housing inventory at the end of July inched 0.9 percent higher to 2.13 million existing homes available for sale, but is still 5.8 percent lower than a year ago (2.26 million) and has now declined year-over-year for 14 straight months. Unsold inventory is at a 4.7-month supply at the current sales pace, which is up from 4.5 months in June. e share of first-time buyers was 32 percent in July, which is below last month (33 percent) but up from 28 percent a year ago. First-time buyers represented 30 percent of sales in all of 2015. For more information, visit realtor.org. Existing-home Sales Lose Steam in July MARKET UPDATE continued NEWS NARI rebrands with new logo, tagline The National Association of the Remodeling Industry (NARI) has launched new branding and industrywide tagline. More than a logo update, the rebranding aims to create a system of expression that galvanizes the association's 6,000 plus member-companies, cements the value of its programs and services, and telegraphs externally to consumers the value of remodelers to homeowners and communities. "NARI hasn't rebranded in 33 years, so 2016 represent- ed an extraordinary oppor- tunity to revitalize the indus- try brand and communicate a promise to consumers of what they can expect from NARI members," explains NARI CEO Fred Ulreich. "We elicited feedback from our members, chapter leaders, board of directors and staff to chart a new course for the remodeling industry. "Remodeling Done Right" communicates both who we are as an industry and the professional- ism, leadership and skills NARI members bring to every project. It also sends a clear message to consumers to build trust and why work with a certified NARI remodeler." Partnering with the Chicago-based agency, McKenna Design Group, on the rebranding, the blue colors were updated to be more dynamic and engaging, the typography is more current and timeless, and the gabled roofline represents com- munities across the U.S. served by NARI members. The NARI acronym signifies the walls, new building products, remodeling process and member craft in remodeled spaces. Warren McKenna, principal, says, "The new identity is a fresh view on the past logo mark with a bold vision for NARI's future." The messaging of Remodeling Done Right is intended to communicate directly to consumers why they should work with a NARI member. "Rebranding NARI rep- resents an opportunity to address three strategic outcomes," says NARI Board Chairwoman Judy Mozen. "One, activation and growth of NARI's membership. Two, market development and prosperity for our members. Three, in- creased member value and participation in NARI's programs. Our rebranding elevates the remodeling industry and our members to the marketplace. We are proud of the fact that we now have a clear position and messaging statement to the industry and consumers that's second to none." For more information, contact Elizabeth McKenna, program management office, at marketing@nari.org. NAHB to EPA: Lead paint rule needs to be revised This was first posted on NAHBNow.com NAHB filed comprehensive comments with the Environmental Protection Agency (EPA) asserting that in its current form the Lead: Renovation, Repair and Painting rule is an inefficient tool for achieving the environmental and health goals of the underlying issues. NAHB strongly encouraged EPA to per- form a new economic analysis because, to date, there has yet to be a lead test kit on the market that qualifies with the rule's standards. Additionally, NAHB urged EPA to revise the unnecessarily complex and burdensome new renovator recertifica- tion requirements recently finalized by the agency and to ensure that certified renovators be provided the resources they need to comply with the program. The extensive comments were part of a required retrospective review. Federal S 8 October 2016 QR QualifiedRemodeler.com IN BRIEF