Existing home sales increased 2.0% in July to a seasonally adjusted annual rate of 5.99 million, the National Association of Realtors reported. The rate increased 1.5% compared with July 2020.
Much of the home sales have been concentrated in the upper-end markets, according to NAR, and the mid- to lower-tier areas have lagged due to a dearth of starter homes available.
Total housing inventory at the end of July was 1.32 million units, a 7.3% increase from June, but a 12.0% decrease from July 2020.
The median existing home price for all housing types was $359,900, a 17.8% increase compared with July 2020, with prices climbing in every region.
Regionally, existing home sales in the Northeast were unchanged month-over-month, while the Midwest, South and West increased 3.8%, 1.2% and 3.3%, respectively.
The full NAR report can be found here.
