July 2024 Monthly Statistics

U.S. existing home sales fell 5.4% month-over-month and 5.4% year-over-year to a seasonally adjusted annual rate of 3.89 million units, with monthly sales down in all four regions, according to the National Association of REALTORS® (NAR). Higher mortgage rates and rising sales prices have kept many prospective buyers on the sidelines, despite more home choices and less competition for those homes.
New Listings increased by 12.3 percent for single-family homes and 47.8 percent for Condominium homes. Pending Sales increased 18.4 percent for single-family homes but decreased 20.0 percent for Condominium homes. Inventory increased 27.5 percent for single-family homes and 209.5 percent for Condominium homes.

Median Sales Price increased 0.8 percent to $1,210,000 for single-family homes but decreased 6.3 percent to $792,000 for Condominium homes. Days on Market decreased 16.4 percent for Single Family homes but increased 55.2 percent for Condominium homes. Months Supply of Inventory increased 31.7 percent for Single Family homes and 278.6 percent for Condominium homes.

Home prices have maintained their upward trend throughout the country, even as sales slow and inventory improves. According to NAR, the national median existing-home sales price climbed 4.1% year-over-year to $426,900 as of the last measure, an all-time high. Meanwhile, total housing inventory increased 3.1% month-over-month to 1.32 million units heading into July, the highest level since 2020, for a 4.1-month supply at the current sales pace.

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