Existing home prices rose 1.3% in July

Washington, DC, August 22, 2024 – According to the National Association of Realtors, the total number of existing homes increased 1.3% from June to a seasonally adjusted annual rate of 3.95 million in July. Year-over-year sales decreased 2.5% (from 4.05 million in July 2023).

Three of the four major U.S. regions reported sales increases, while the Midwest remained flat. Year-over-year sales increased in the Northeast and West, but declined in the Midwest and South.

“Despite the modest increase, home sales are still sluggish,” said Lawrence Yun, NAR chief economist. “But consumers are definitely seeing more choices and affordability is improving due to lower interest rates.”

Total housing inventory at the end of July was 1.33 million units, up 0.8% from June and 19.8% from a year ago (1.11 million). Unsold inventory at the current sales pace is sufficient for 4.0 months, which is less than the 4.1 months in June but more than the 3.3 months in July 2023.

The median existing home price for all types was $422,600 in July, up 4.2% from $405,600 a year ago. All four U.S. regions saw price increases.