NAR: Northeast Existing-Home Sales Rose Nearly 9% in July

WASHINGTON—U.S. existing-home sales increased by 2.0% in July, according to the National Association of Realtors Existing-Home Sales Report released today (Aug. 21).

Month-over-month sales increased in the Northeast, South, and West, and fell in the Midwest. Year-over-year, sales rose in the South, Northeast, and Midwest, and fell in the West.

“The ever-so-slight improvement in housing affordability is inching up home sales,” said NAR Chief Economist Lawrence Yun. “Wage growth is now comfortably outpacing home price growth, and buyers have more choices. Condominium sales increased in the South region, where prices had been falling for the past year.”

“Near-zero growth in home prices suggests that roughly half the country is experiencing price reductions. 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,” Dr. Yun continued. “Homebuyers are in the best position in more than five years to find the right home and negotiate for a better price. Current inventory is at its highest since May 2020, during the COVID lockdown.”

National Snapshot

Total Existing-Home Sales for July

• 2.0% increase in total existing-home sales month-over-month to a seasonally adjusted annual rate of 4.01 million.
• 0.8% increase in sales year-over-year.

Inventory in July

• 1.55 million units: Total housing inventory, up 0.6% from June and increased 15.7% from July 2024 (1.34 million).
• 4.6-month supply of unsold inventory, down from 4.7 months in June and up from 4 months in July 2024.

Median Sales Price in July

• $422,400 median existing-home price for all housing types, up 0.2% from one year ago ($421,400)—the 25th consecutive month of year-over-year price increases.

Single-Family Home Sales in July

• 2.0% increase in sales to a seasonally adjusted annual rate of 3.64 million, up 1.1% from July 2024.
• $428,500 median home price in July, up 0.3% from last year.

Condominium and Co-op Sales in July

• 2.8% increase in sales month-over-month to a seasonally adjusted annual rate of 370,000 units, down 2.6% year-over-year.
• $362,600 median price, down 1.2% from July 2024.

Regional Snapshot for Existing-Home Sales in July

Northeast

• 8.7% increase in sales month-over-month to an annual rate of 500,000, up 2.0% year-over-year.
• $509,300 median price, up 0.8% from July 2024.

Midwest

• 1.1% decrease in sales month-over-month to an annual rate of 940,000, up 1.1% year-over-year.
• $333,800 median price, up 3.9% from July 2024.

South

• 2.2% increase in sales month-over-month to an annual rate of 1.85 million, up 2.2% year-over-year.
• $367,400 median price, down 0.6% from July 2024.

West

• 1.4% increase in sales month-over-month to an annual rate of 720,000, down 4.0% year-over-year.
• $620,700 median price, down 1.4% from July 2024.

Realtors Confidence Index for July

• 28 days: Median time on market for properties, up from 27 days last month and 24 days in July 2024.
• 28% of sales were first-time homebuyers, down from 30% in June and 29% in July 2024.
• 31% of transactions were cash sales, up from 29% a month ago and 27% in July 2024.
• 20% of transactions were individual investors or second-home buyers, up from 14% last month and 13% in July 2024.
• 2% of sales were distressed sales (foreclosures and short sales), down slightly from 3% in June and up slightly from 1% in July 2024.

Mortgage Rates

6.72%: The average 30-year fixed-rate mortgage in July, according to Freddie Mac, was down from 6.82% in June and 6.85% one year ago.