Existing Home Sales Decline Month-Over-Month and Year-Over-Year in July 2022

The National Association of Realtors® (NAR) reported on Thursday (8-18-22) that total existing home sales (completed transactions for single-family homes, townhomes, condominiums, and co-ops) dropped 5.9% in July from June to a seasonally adjusted rate at 4.81 million homes. This marks the sixth consecutive month of declining existing home sales. Year-over-year sales are down 20.2% (6.03 million in July 2021). All four major US regions recorded month-over-month and year-over-year sales declines.

At the end of July, total unsold inventory was 1,310,000 units, an increase of 4.8% from June but unchanged from July 2021. Unsold inventory sits at a 3.3-month supply at the current sales pace—up from 2.9 months June 2022 and up year-over-year from the July 2021 rate of 2.6 months.

The median existing home price for all housing types in July was $403,800, up 10.8% from July 2021 ($364,600), as prices increased in all regions. This marks 125 consecutive months of year-over-year increases, the longest-running streak on record.

In July, properties typically remained on the market for 14 days, the same as in June, but down from 17 days in July 2021. The 14 days on market are the fewest since NAR began tracking it in May 2011. Eighty-two percent of homes sold in July 2022 were on the market for less than a month.