July Market Report
U.S. existing-home sales declined 2.4% from the previous month to a seasonally adjusted annual rate of 4.09 million units, according to the National Association of REALTORS® (NAR). Regionally, sales increased in the Northeast but declined in the West, South, and Midwest. Compared to a year earlier, existing-home sales rose 2.8%, with gains in the Midwest, South, and West while remaining unchanged in the Northeast.
New Listings decreased 2.7 percent to 215. Pending Sales decreased 1.3 percent to 155. Inventory decreased 6.5 percent to 708.
Median Sales Price increased 14.0 percent from $241,250 to $275,000. Days on Market decreased 22.2 percent to 56. Months Supply of Inventory decreased 12.7 percent to 6.2.
Nationally, the median existing-home price hit a new record of $440,600, a 1.8% increase from a year earlier, NAR reported. Home prices have now increased on an annual basis for 36 consecutive months, reflecting continued demand despite inventory remaining below historically balanced levels. Heading into July, there were 1.56 million properties for sale, down 0.6% month-over-month but up 1.3% from the same period last year, representing a 4.6-month supply at the current sales pace. Homes spent a median of 28 days on the market, with first-time homebuyers accounting for 33% of home purchases.
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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