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, along with rising sales prices,
have kept many prospective buyers on the sidelines, despite more home
choices and less competition for those homes.
Closed Sales increased 5.2 percent for existing homes and 1.9 percent for
new homes. Pending Sales decreased 0.5 percent for existing homes but
increased 0.7 percent for new homes. Inventory increased 16.3 percent for
existing homes but decreased 15.3 percent for new homes.
The Median Sales Price was up 7.8 percent to $303,000 for existing homes
and 0.9 percent to $549,975 for new homes. Days on Market increased 4.5
percent for existing homes but decreased 17.1 percent for new homes.
Supply increased 18.8 percent for existing homes but increased 10.2 percent
for new homes.
Home prices have maintained their upward trend across much of 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 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.
*Information and stats courtesy of KCRAR and Heartland MLS.