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.

• Single Family Closed Sales were up 9.2 percent to 5,846.

• Townhouse-Condo Closed Sales were up 3.8 percent to 1,831.

• Adult Communities Closed Sales were up 0.2 percent to 640.

• Single Family Median Sales Price increased 12.1 percent to $600,000.

• Townhouse-Condo Median Sales Price increased 9.1 percent to $420,000.

• Adult Communities Median Sales Price increased 5.9 percent to $360,000.

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% month-over-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.