U.S. existing-home sales declined 2.4% from the previous month to a seasonally adjusted annual rate of 4.09 million units, according to the National Association of REALTORS® (NAR). Regionally, sales increased in the Northeast but declined in the West, South, and Midwest. Compared to a year earlier, existing-home sales rose 2.8%, with gains in the Midwest, South, and West while remaining unchanged in the Northeast.

Closed Sales increased 5.1 percent for Existing Homes homes and 5.7 percent for New Construction homes. Pending Sales decreased 8.9 percent for Existing Homes homes but increased 10.5 percent for New Construction homes. Inventory decreased 5.0 percent for Existing Homes homes and 6.3 percent for New Construction homes.

Median Sales Price increased 2.2 percent to $332,000 for Existing Homes homes and 3.8 percent to $539,224 for New Construction homes. Days on Market increased 3.4 percent for Existing Homes homes and 12.1 percent for New Construction homes. Months Supply of Inventory decreased 11.5 percent for Existing Homes homes and 10.9 percent for New Construction homes.

Nationally, the median existing-home price hit a new record of $440,600, a 1.8% increase from a year earlier, NAR reported. Home prices have now increased on an annual basis for 36 consecutive months, reflecting continued demand despite inventory remaining below historically balanced levels. Heading into July, there were 1.56 million properties for sale, down 0.6% month-over-month but up 1.3% from the same period last year, representing a 4.6-month supply at the current sales pace. Homes spent a median of 28 days on the market, with first-time homebuyers accounting for 33% of home purchases.