Existing home sales in July were on the rise, reversing a four-month streak of monthly declines.
According to new data from the National Association of Realtors (NAR), total existing home sales were up 1.3% from June to a seasonally adjusted annual rate of 3.95 million in July. However, sales fell 2.5% on a year-over-year measurement from 4.05 million in July 2023.
The sales uptick came as the total housing inventory of 1.33 million units represented a 0.8% uptick from June and a 19.8% spike from one year ago (1.11 million). Unsold inventory was 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 the $405,6000 price recorded one year ago. All-cash sales accounted for 27% of transactions in July, down from 28% in June but up from 26% one year ago.
First-time buyers were responsible for 29% of sales in July, identical to June but down from 30% in July 2023. Individual investors or second-home buyers purchased 13% of homes in July, down from 16% in both June 2024 and July 2023. And distressed sales only represented 1% of sales in July, virtually unchanged from last month and the prior year.
“Despite the modest gain, home sales are still sluggish,” said NAR Chief Economist Lawrence Yun. “But consumers are definitely seeing more choices, and affordability is improving due to lower interest rates.”
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