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.
New listings decreased 5.9% for residential homes but increased 4.6% for townhouse/condo homes. Pending sales decreased 2.7% for residential homes and 3.7% for townhouse/condo homes. Inventory decreased 6.8% for residential homes but increased 47.4% for townhouse/condo homes.
Median sales price increased 5% to $315,000 for residential homes and 10.4% to $239,500 for townhouse/condo homes. Days on market increased 4.3% for residential homes and 7.4% for townhouse/condo homes. Months supply of inventory decreased 5.6% for residential homes but increased 46.7% for townhouse/condo homes.
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.
