The National Association of Realtors® reported on July U.S. home sales this week. The information below is based on a subset of its reporting. For the full report, click here.
In July, there was a decline in existing-home sales in the U.S. Among the major U.S. regions, sales experienced growth in the West, while they diminished in the Northeast, Midwest, and South when compared to June. All four regions recorded year-over-year sales declines.
The total of existing-home sales, encompassing completed transactions involving single-family homes, townhomes, condominiums, and co-ops, decreased by 2.2% from June to reach a seasonally adjusted annual rate of 4.07 million in July. When compared to the previous year, sales saw a substantial drop of 16.6% (down from 4.88 million in July 2022).
As of the end of July, the total housing inventory amounted to 1.11 million units, marking a 3.7% increase from June but reflecting a decline of 14.6% from the same time last year (1.3 million). The unsold inventory stands at a 3.3-month supply at the ongoing sales pace, indicating an increase from 3.1 months in June and 3.2 months in July 2022.
For all types of housing, the median existing-home price in July reached $406,700, signifying a rise of 1.9% compared to July 2022 ($399,000). While prices experienced an increase in the Northeast, Midwest, and South, they remained unchanged in the West.