Existing-home sales increased 2.0% from June to July to a seasonally adjusted annual rate of 4.01 million, according to the National Association of Realtors. Year-over-year, existing-home sales increased 0.8%.
The median existing-home sales price rose 0.2% year-over-year to $422,400—the 25th consecutive month of year-over-year price increases.
The inventory of unsold existing homes increased 0.6% from the previous month to 1.55 million in July. Unsold inventory sits at a 4.6-month supply, down from 4.7 months in June and up 4 months from July 2024.
“Near-zero growth in home prices suggests that roughly half the country is experiencing price reductions,” NAR Chief Economist Lawrence Yun said in a statement. “Overall, homeowners are doing well financially. Only 2% of sales were foreclosures or short sales—essentially a historic low. The market’s health is supported by a cumulative 49% home price appreciation for a typical American homeowner from pre-COVID July 2019 to July this year.”
“Unless mortgage rates move lower and stay there, the housing market will remain slow and regionally uneven, with locked-in sellers and rising inventory limiting both appreciation and the pace of home sales,” Keller Williams Realty LLC Chief Economist Ruben Gonzalez said in a statement.
Read the full report here.
