July Real Estate Home Sales Show Positive Shift
July marked a positive turn for existing-home sales, breaking a four-month streak of declines, according to the National Association of REALTORS®. Three out of the four major U.S. regions experienced an increase in sales, while the Midwest held steady. Year-over-year, sales rose in the Northeast and West but saw declines in the Midwest and South.
Key Highlights:
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Overall Sales Growth: Total existing-home sales—including single-family homes, townhomes, condominiums, and co-ops—increased by 1.3% from June, reaching a seasonally adjusted annual rate of 3.95 million in July. However, this is a 2.5% decrease compared to July 2023, when sales stood at 4.05 million.
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Market Conditions: NAR Chief Economist Lawrence Yun noted, “Although the gain is modest, home sales continue to face challenges. However, buyers are seeing more options, and affordability is improving thanks to lower interest rates.”
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Inventory Levels: Total housing inventory at the end of July was 1.33 million units, marking a 0.8% increase from June and a substantial 19.8% rise from a year ago (1.11 million). Unsold inventory is currently at a 4.0-month supply, down slightly from 4.1 months in June but up from 3.3 months in July 2023.
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Home Prices: The median existing-home price for all housing types in July was $422,600, a 4.2% increase from one year ago ($405,600). All four U.S. regions reported price increases.
REALTORS® Confidence Index
According to the monthly REALTORS® Confidence Index:
- Time on Market: Properties typically remained on the market for 24 days in July, up from 22 days in June and 20 days in July 2023.
- First-Time Buyers: First-time buyers accounted for 29% of sales in July, consistent with June but slightly down from 30% in July 2023.
- All-Cash Sales: All-cash sales made up 27% of transactions in July, slightly down from 28% in June but an increase from 26% a year ago.
- Investor Activity: Individual investors or second-home buyers, who often make cash purchases, bought 13% of homes in July, down from 16% in both June 2024 and July 2023.
- Distressed Sales: Distressed sales, including foreclosures and short sales, represented 1% of sales in July, virtually unchanged from the previous month and the prior year.
Mortgage Rates
Freddie Mac reported that the 30-year fixed-rate mortgage averaged 6.49% as of August 15, slightly up from 6.47% the previous week but down from 7.09% one year ago.
Single-Family and Condo/Co-op Sales
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Single-Family Homes: Sales rose by 1.4% to a seasonally adjusted annual rate of 3.57 million in July, a 1.4% decrease from the previous year. The median existing single-family home price was $428,500 in July, up 4.2% from July 2023.
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Condominiums and Co-ops: Sales remained steady from June at a seasonally adjusted annual rate of 380,000 units, but this represents an 11.6% decline from a year ago (430,000 units). The median existing condo price was $367,500 in July, up 2.7% from the prior year ($357,900).
Yun commented, “The median home price for condominiums is lower, but the condominium market continues to underperform compared to the single-family market. Rising maintenance and insurance costs have diminished the appeal of condominiums.”
Regional Breakdown
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Northeast: Existing-home sales increased by 4.3% from June to an annual rate of 490,000 in July, a 2.1% rise from July 2023. The median price in the Northeast was $505,100, an 8.3% increase from last year.
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Midwest: Existing-home sales remained unchanged in July at an annual rate of 920,000, though this represents a 5.2% decline from the previous year. The median price in the Midwest was $321,300, up 4.5% from July 2023.
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South: Existing-home sales grew by 1.1% from June to an annual rate of 1.79 million in July, but this is a 3.8% decrease from one year ago. The median price in the South was $372,500, a 2.3% increase from the previous year.
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West: The West saw existing-home sales rise by 1.4% in July, reaching an annual rate of 750,000, which is also a 1.4% increase from a year ago. The median price in the West was $629,500, a 3.4% increase from July 2023.
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