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.

“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.”

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.

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.

• 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.

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.