The National Association of REALTORS reported a 2.0% month-over-month increase in existing-home sales in July, reaching a seasonally adjusted annual rate of 4.01 million units. This marks a year-over-year increase of 0.8%. The median existing-home price rose by 0.2%, standing at $422,400.
The Northeast saw an 8.7% month-over-month surge, while the Midwest experienced a decrease of 1.1%. In contrast, the South saw a 2.2% rise and the West fell by 4.0%.
A report by Dr. Lawrence Yun, NAR Chief Economist, states that wage growth is now outpacing home price growth, providing buyers with more choices. The market’s health is also supported by a cumulative 49% home price appreciation for typical American homeowners since pre-COVID July 2019.
The current inventory level stands at 1.55 million units, representing a 0.6% increase from June and a 15.7% jump from July 2024. The median sales price in July is $422,400, marking the 25th consecutive month of year-over-year price increases.
Single-family home sales rose by 2.0%, with a median price of $428,500, up 0.3% from last year. Condominium and co-op sales decreased by 2.6%, with a median price of $362,600, down 1.2% from July 2024.
The REALTORS Confidence Index for July indicates that 28 days on average was the time spent on market for properties, up from 27 days last month and 24 days in July 2024. Additionally, 31% of transactions were cash sales, up from 29% a month ago and 27% in July 2024.
Overall, the housing market continues to show signs of improvement, with buyers having more choices and negotiating for better prices.
Source: https://www.nar.realtor/newsroom/nar-existing-home-sales-report-shows-2-0-increase-in-july