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.
New Listings decreased 17.4 percent for Single Family homes and 11.5 percent for Townhouse-Condo homes. Pending Sales decreased 42.4 percent for Single Family homes and 42.6 percent for Townhouse-Condo homes. Inventory increased 3.1 percent for Single Family homes and 26.5 percent for Townhouse-Condo homes.
Median Sales Price increased 6.7 percent to $1,200,000 for Single Family homes but remained flat for Townhouse-Condo homes. Days on Market increased 34.6 percent for Single Family homes and 50.0 percent for Townhouse-Condo homes. Months Supply of Inventory increased 7.1 percent for Single Family homes and 31.0 percent for Townhouse-Condo homes.
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.
