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 increased 32.5 percent to 261. Pending Sales were up 5.2 percent to 163. Inventory levels grew 11.9 percent to 619 units
Prices continued to gain traction. The Median Sales Price increased 10.5 percent to $238,750. Days on Market was up 39.6 percent to 74 days. Buyers felt empowered as Months Supply of Inventory was up 20.8 percent to 5.8 months.
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.
Curious about the current value of your home? Don’t hesitate to reach out to a member of the Kira Witherwax Team at RE/MAX North Country.
To view the full Market Report for July, download the link below.
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