July Median Single-Family Price Hit $536,500

Affordability constraints have continued to limit homebuying activity this summer, with existing-home sales falling 3.3% month-over-month nationwide as of last measure, according to the National Association of REALTORS® (NAR). Mortgage rates have approached 7% in recent months, leading many prospective buyers to put their home purchase plans temporarily on hold. But higher rates have also kept many existing homeowners from listing their homes for fear of giving up the low-rate mortgages they locked in a few years ago, when rates were significantly lower. 

• Single Family Closed Sales were down 26.3 percent to 5,303.
• Townhouse-Condo Closed Sales were down 27.5 percent to 1,638.
• Adult Communities Closed Sales were down 2.1 percent to 638.
• Single Family Median Sales Price increased 6.2 percent to $536,500.
• Townhouse-Condo Median Sales Price increased 7.0 percent to $380,000.
• Adult Communities Median Sales Price increased 8.4 per to $340,000

Despite a drop in existing-home sales, home prices have remained near record highs, with a national median sales price of $410,200 as of last measure, 0.9% below the all-time high of $413,800 recorded in June 2022, according to NAR. With only 3.1 months’ supply heading into July, the lack of inventory has boosted competition among buyers and put upward pressure on sales prices, especially in more affordable markets, where competition for homes remains particularly strong.