The National Association of Realtors has just released its July existing-home sales report, which found that transactions were down 2.2 percent compared to June 2023. Annually, sales receded 16.6 percent from one year ago.
“Two factors are driving current sales activity—inventory availability and mortgage rates,” said NAR Chief Economist Lawrence Yun. “Unfortunately, both have been unfavorable to buyers.”
The median existing-home price for all housing types in July was $406,700, an increase of 1.9 percent from July 2022. This marks the fourth time the monthly median sales price eclipsed $400K. Prices rose in the Northeast, Midwest and South but were unchanged in the West.
In the West, existing-home sales increased 2.7 percent from the previous month, but were down 12.5 percent from the prior year. The median price in the West was $610,500, unchanged from July 2022.
According to NAR, total housing inventory registered at the end of July was 1.11 million units, up 3.7 percent from June but down 14.6 percent from one year ago. Unsold inventory sits at a 3.3-month supply at the current sales pace, up from 3.1 months in June and 3.2 months in July 2022.