July numbers from the National Association of Realtors are in, highlighting modest continued gains across the country.
Existing-home sales rose 2 percent from June to July to a seasonally adjusted annual rate of 5.99 million. Sales inched up year-over-year, increasing 1.5 percent. Three of the four major U.S. regions recorded small month-over-month gains, while the fourth (the Northeast) remained level.
Total housing inventory totaled 1.32 million units, up 7.3 percent from June’s supply and down 12 percent from one year ago, according to NAR. Unsold inventory sits at a 2.6-month supply at the present sales pace.
“We see inventory beginning to tick up, which will lessen the intensity of multiple offers,” said Lawrence Yun, NAR’s chief economist. “Much of the home sales growth is still occurring in the upper-end markets, while the mid- to lower-tier areas aren’t seeing as much growth because there are still too few starter homes available.”
The median existing-home price for all housing in July was $359,900, up 17.8 percent from July 2020—also marking 113 straight months of year-over-year gains.
Existing-home sales in the West grew 3.3 percent, with a median price of $508,300. Year-over-year, prices in the West are up 12.5 percent.
Elsewhere, the median price in the Northeast was $411,200, up 23.6 percent from one year ago. Existing-home sales in the Midwest rose 3.8 percent on the monthly while the median price rose 13.1 percent to $275,300, compared to July 2020. Existing-home sales in the South rose 1.2 percent in July. The median price in the South was $305,200, up 14.4 percent compared to July of last year.
For more on NAR’s monthly report, click here.