U.S. existing-home sales fell 2.7% from the previous month to a seasonally adjusted annual rate of 3.93 million, according to the National Association of REALTORS® (NAR). Sales were unchanged from one year earlier. Regionally, monthly sales declined in the Midwest, Northeast, and South but rose in the West. Year-over-year, sales decreased in the Northeast and West but increased in the South and Midwest.
• Single Family Closed Sales were down 3.4 percent to 5,638.
• Townhouse-Condo Closed Sales were up 3.0 percent to 1,888.
• Adult Communities Closed Sales were up 0.9 percent to 651.
• Single Family Median Sales Price increased 5.8 percent to $625,000.
• Townhouse-Condo Median Sales Price increased 3.5 percent to $430,000.
• Adult Communities Median Sales Price increased 4.2 percent to $375,000.
Nationally, the median existing-home sales price rose 2.0% year-over-year to $435,300, a new monthly high and the 24th consecutive month of annual price gains, according to NAR. Slower sales activity has contributed to rising inventory this year, with 1.53 million properties listed for sale heading into July, a 15.9% increase from the same time last year and equivalent to a 4.7-month supply at the current sales pace.