U.S. existing-home sales were virtually unchanged from the previous month, dipping just 0.2% to a seasonally adjusted annual rate of 4.0 million units,
according to the National Association of REALTORS® (NAR). Most of these transactions went under contract in June and July, when mortgage rates were 40
to 50 basis points higher than current levels. Year-over-year, sales increased 1.8%, with the strongest activity occurring in the Midwest, where the typical home
price is 22% below the national median.
• Single Family Closed Sales were up 10.1 percent to 5,243.
• Townhouse-Condo Closed Sales were down 2.1 percent to 1,614.
• Adult Communities Closed Sales were up 17.9 percent to 647.
• Single Family Median Sales Price increased 2.8 percent to $585,753.
• Townhouse-Condo Median Sales Price increased 3.6 percent to $435,000.
• Adult Communities Median Sales Price held steady at $370,000.
Nationally, housing inventory declined for the first time this year, slipping 1.3% month-over-month to 1.53 million units, representing a 4.6-month supply at the
current sales pace, according to NAR. Despite the monthly drop, total inventory remained 11.7% higher than the same time last year. Meanwhile, the median
existing-home price rose 2% year-over-year to $422,600, though it was essentially flat compared to the prior month.