July 2024
U.S. existing home sales fell 5.4% month-over-month and 5.4% year-over-year to a
seasonally adjusted annual rate of 3.89 million units, with monthly sales down in all
four regions, according to the National Association of REALTORS® (NAR). Higher
mortgage rates, along with rising sales prices, have kept many prospective buyers
on the sidelines, despite more home choices and less competition for those homes.
New Listings were up 12.9 percent to 1,571. Pending Sales increased 11.4 percent
to 1,224. Inventory grew 52.4 percent to 2,835 units.
Prices were stable as Median Sales Price remained flat at $276,653. Days on Market
increased 26.5 percent to 43 days, the tenth consecutive month of year-over-year
gains. Months Supply of Inventory was up 52.9 percent to 2.6 months, the tenth
consecutive month of year-over-year gains.
Home prices have maintained their upward trend across much of the country, even
as sales slow and inventory improves. According to NAR, the national median
existing-home sales price climbed 4.1% year-over-year to $426,900 as of last
measure, an all-time high. Meanwhile, total housing inventory increased 3.1% monthover-
month to 1.32 million units heading into July, the highest level since 2020, for a
4.1-month supply at the current sales pace.
Information courtesy of CMLS*
