Existing-Home Sales Rose 1.3% in July

Washington, DC, August 22, 2024-Total existing-home sales ascended 1.3% from June to a seasonally adjusted annual rate of 3.95 million in July, according to the National Association of Realtors. Year-over-year, sales fell 2.5% (down from 4.05 million in July 2023).

Three out of four major U.S. regions registered sales increases while the Midwest remained steady. Year-over-year, sales rose in the Northeast and West but retreated in the Midwest and South.

"Despite the modest gain, home sales are still sluggish," said NAR chief economist Lawrence Yun. "But consumers are definitely seeing more choices, and affordability is improving due to lower interest rates."

Total housing inventory registered at the end of July was 1.33 million units, up 0.8% from June and 19.8% from one year ago (1.11 million). Unsold inventory sits at a 4.0-month supply at the current sales pace, down from 4.1 months in June but up from 3.3 months in July 2023.

The median existing-home price for all housing types in July was $422,600, up 4.2% from one year ago ($405,600). All four U.S. regions posted price increases.