US Existing-Home Sales Increase in July, Ending Streak of Four Declines
Existing-Home Sales Advanced 1.3% in July, Ending Four-Month Skid
On Thursday, the National Association of Realtors® (NAR) reported that total existing-home sales—completed transactions for single-family homes, townhomes, condominiums, and co-ops—increased 1.3% in July from June to a seasonally adjusted annual rate of 3.95 million. Year-over-year, sales fell 2.5%, down from 4.05 million in July 2023.
Three out of four major US regions registered increases, while the Midwest remained steady. Year-over-year, sales rose in the Northeast and West but retreated in the Midwest and South.
At the end of July, total housing inventory registered was 1.33 million units, up 0.8% from June and 19.8% from July 2023 (1.11 million). Unsold inventory sits at a 4.0-month supply at the current sales pace, down from 4.1 months in June but up from 3.3 months in July 2023.
The median existing-home price for all housing types in July was $422,600, up 4.2% from July 2023 ($405,600). All four regions saw increases.
According to the monthly REALTORS® Confidence Index, properties typically remained on the market for 24 days in July, up from 22 days in June and 20 days in July 2023.
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