United States Existing Home Sales
On Tuesday, the National Association of Realtors announced that existing-home sales receded in July, Among the four major U.S. regions, sales grew in the West but faded in the Northeast, Midwest and South. All four regions registered year-over-year sales declines.
Total existing home sales completed transactions – that include single-family homes, townhomes, condominiums and co-ops – waned 2.2% from June. Year-over-year, sales slumped 16.6%.
- Total housing inventory registered at the end of July was 1.11 million units, up 3.7% from June but down 14.6% from one year ago (1.3 million).
- Unsold inventory sits at a 3.3-month supply at the current sales pace, up from 3.1 months in June and 3.2 months in July 2022.
- The median existing-home pricefor all housing types in July was $406,700, an increase of 1.9% from July 2022 ($399,000).
- Properties typically remained on the market for 20 days in July, up from 18 days in June and 14 days in July 2022.
- Seventy-four percent of homes sold in July were on the market for less than a month.
30-Year Mortgage Rates Up Over 7%
According to Freddie Mac, the 30-year fixed rate mortgage averaged 7.09% as of August 17. That’s up from 6.96% the prior week and 5.13% one year ago.
Single-family and Condo/Co-Op Sales
- Single-family home sales slid in July, down 1.9% from June and 16.3% from the previous year. The median existing single-family home price was $412,300 in July, up 1.6% from July 2022.
- Existing condominium and co-op sales also slid in July, down 4.5% from June and 19.2% from one year ago. The median existing condo price was $357,600 in July, up 4.5% from the previous year ($342,200).
Existing-home sales in the Northeast descended 5.9% from June to an annual rate of 480,000 in July, down 23.8% from July 2022. The median price in the Northeast was $467,500, up 5.5% from one year ago.
In the Midwest, existing-home sales decreased by 3.0% from the prior month to an annual rate of 960,000 in July, dropping 20.0% from the previous year. The median price in the Midwest was $304,600, up 3.9% from July 2022.
Existing-home sales in the South retracted 2.6% from June to an annual rate of 1.86 million in July, a decrease of 14.3% from one year ago. The median price in the South was $366,200, up 1.7% from July 2022.
In the West, existing-home sales increased 2.7% from the previous month to an annual rate of 770,000 in July, down 12.5% from the prior year. The median price in the West was $610,500, unchanged from July 2022.