U.S. Home Sales Increase in July, First Time in 5 Months

Recent data from the National Association of Realtors shows that existing-home sales improved in July 2024, breaking a four-month decline. Sales rose in three out of the four major U.S. regions, with the Midwest remaining stable. On a year-over-year basis, the Northeast and West experienced sales growth, while the Midwest and South saw declines.

Overall, existing-home sales—which include single-family homes, townhomes, condominiums, and co-ops—increased by 1.3% from June, reaching a seasonally adjusted annual rate of 3.95 million in July. However, this is a 2.5% decrease compared to July 2023, when the rate was 4.05 million.

"While the increase is modest, the housing market remains sluggish," noted Lawrence Yun, Chief Economist at NAR. "However, buyers are noticing more options and improved affordability due to lower interest rates."

At the end of July, the total housing inventory reached 1.33 million units, a 0.8% rise from June and a significant 19.8% increase from a year earlier when inventory was at 1.11 million. The current unsold inventory represents a 4.0-month supply at the present sales pace, slightly down from 4.1 months in June but up from 3.3 months in July 2023.

The median price for existing homes of all types in July was $422,600, which is a 4.2% increase from the previous year’s median of $405,600. All four U.S. regions recorded price increases.