- Prior month 3.930 million
- Existing home sales 4.01M versus expectations of 3.92M
- Existing home sales +2.0% versus -2.7% last month.
- Inventories 4.6 months versus 4.7 months last month.
- There was a 15.7% inventory increase year on year
- Median price $422.4K +0.2% year on year which represents the the 25th consecutive month of year-over-year price increase.
Other details:
Single-Family Homes in July
- 2.0% increase in sales to a seasonally adjusted annual rate of 3.64 million, up 1.1% from July 2024.
- $428,500: Median home price in July, up 0.3% from last year.
Condominiums and Co-ops in July
- 2.8% increase in sales month-over-month to a seasonally adjusted annual rate of 370,000 units, down 2.6% year-over-year.
- $362,600: Median price, down 1.2% from July 2024.
Regional Snapshot for Existing-Home Sales in July
Northeast
- 8.7% increase in sales month-over-month to an annual rate of 500,000, up 2.0% year-over-year.
- $509,300: Median price, up 0.8% from July 2024.
Midwest
- 1.1% decrease in sales month-over-month to an annual rate of 940,000, up 1.1% year-over-year.
- $333,800: Median price, up 3.9% from July 2024.
South
- 2.2% increase in sales month-over-month to an annual rate of 1.85 million, up 2.2% year-over-year.
- $367,400: Median price, down 0.6% from July 2024.
West
- 1.4% increase in sales month-over-month to an annual rate of 720,000, down 4.0% year-over-year.
- $620,700: Median price, down 1.4% from July 2024.
Even more details:
- 28 days: Median time on market for properties, up from 27 days last month and 24 days in July 2024.
- 28% of sales were first-time homebuyers, down from 30% in June and 29% in July 2024.
- 31% of transactions were cash sales, up from 29% a month ago and 27% in July 2024.
- 20% of transactions were individual investors or second-home buyers, up from 14% last month and 13% in July 2024.
- The 2% of sales were distressed sales4 (foreclosures and short sales), down slightly from 3% in June and up slightly from 1% in July 2024
This article was written by Greg Michalowski at investinglive.com.
