U.S. existing-home sales fell 2.7% from the previous month to a seasonally adjusted annual rate of 3.93 million, according to the National Association of REALTORS® (NAR). Sales were unchanged from one year earlier. Regionally, monthly sales declined in the Midwest, Northeast, and South but rose in the West. Year-over-year, sales decreased in the Northeast and West but increased in the South and Midwest.

Closed Sales increased 1.4 percent for Existing Homes homes and 3.6 percent for New Construction homes. Pending Sales decreased 0.1 percent for Existing Homes homes and 7.6 percent for New Construction homes.

Inventory increased 13.0 percent for Existing Homes homes and 0.4 percent for New Construction homes. Median Sales Price increased 7.2 percent to $325,000 for Existing Homes homes but decreased 3.7 percent to $524,012 for New Construction homes. Days on Market increased 26.1 percent for Existing Homes homes but decreased 29.8 percent for New Construction homes. Months Supply of Inventory increased 9.1 percent for Existing Homes homes but decreased 1.9 percent for New Construction homes.

Nationally, the median existing-home sales price rose 2.0% year-over-year to $435,300, a new monthly high and the 24th consecutive month of annual price gains, according to NAR. Slower sales activity has contributed to rising inventory this year, with 1.53 million properties listed for sale heading into July, a 15.9% increase from the same time last year and equivalent to a 4.7-month supply at the current sales pace.