US Existing-Home Sales Decline in July

On Tuesday, the National Association of Realtors® (NAR) reported (8-22-23) that total existing-home sales—completed transactions for single-family homes, townhomes, condominiums, and co-ops—recorded a 2.2% month-over-month decline to a seasonally adjusted rate of 4.07 million homes in July. Year-over-year, sales are down 16.6% (4.88 million in July 2022).

At the end of July, total housing inventory registered was 1.11 million units, up 3.7% from June but down 14.6% from one year ago (1.3 million in July 2022). At the end of the month, unsold inventory was at a 3.3-month supply at the current sales pace, up from 3.1 months in June and 3.2 months in July 2022.

The median existing home price for all housing types in July was $406,700, an increase of 1.9% from July 2022 ($399,000). Prices increased in the Northeast, Midwest, and South and were unchanged in the West.

In July, according to the REALTORS® Confidence Index, properties typically remained on the market for 20 days, up from 18 days in June and 14 days in July 2022. Seventy-four percent of homes sold in July were on the market for less than a month.