Ending a four-month decline, existing-home sales increased in July. According to the National Association of Realtors, total existing-home sales—which include single-family homes, townhomes, condos, and co-ops—increased by 1.3% from June to an annual rate of 3.95 million. However, sales were down 2.5% compared with July 2023. Additionally, the total housing inventory at the end of July was 1.33 million units, up 0.8% from June and 19.8% higher than a year ago.
Unsold inventory sits at a 4.0-month supply at the current sales pace, down from 4.1 months in June but up from 3.3 months in July 2023. The median existing-home price for all housing types in July was $422,600, up 4.2% from one year ago ($405,600). All four U.S. regions posted price increases.