Sales of existing homes slipped in July even as median prices sustained their record-high levels. The National Association of Realtors® (NAR) said the month’s sales of single-family homes, townhomes, condominiums, and cooperative apartments were at a seasonally adjusted annual rate of 4.07 million units, down 2.2 percent compared to June and 16.6 percent lower than in in the same month in 2022. Single-family home sales slid to a seasonally adjusted annual rate of 3.65 million, a 1.9 percent month-over-month decline and down 16.3 percent from the previous year. Condo and co-op sales slipped 4.5 percent to 420,000 annual units: 19.2 percent fewer than a year earlier. [existinghomesdata] The median existing-home price for all housing types in July was $406,700, a 1.9 percent annual increase . NAR said It was the fourth time the monthly median sales price had exceeded $400,000 since it started keeping records. Previous such prices were logged in June 2023 ($410,000), and in both May and June of last year at $408,600 and $413,800, respectively. The median existing single-family home price was $412,300 in July, up 1.6 percent year-over-year, while condo prices rose 4.5 percent to a median of $357,600. [existinghomeprices] There were 1.11 million housing units available for sale at the end of July, an estimated 3.3-month supply at the current sales pace. This is an increase of 3.7 percent from the end of June when there was a 3.1-month supply but 14.6 percent below total inventory in July 2022.
Seven straight months of slowing sales has reduced existing home transactions by nearly 20 percent from the same point in 2021. The National Association of Realtors(R) (NAR) said on Wednesday that August sales of preowned […]
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Existing-home sales slipped further in August as economists blame the “housing recession” mostly on higher mortgage rates, though home prices continue rising, according to newly released data from the National Association of REALTORS(R). But while […]