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.
• Single Family Closed Sales were up 9.2 percent to 6,262.
• Townhouse-Condo Closed Sales were down 8.5 percent to 1,748.
• Adult Communities Closed Sales were up 4.7 percent to 692.
• Single Family Median Sales Price increased 4.0 percent to $650,000.
• Townhouse-Condo Median Sales Price increased 9.3 percent to $469,950.
• Adult Communities Median Sales Price increased 4.0 percent to $390,000.
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.