The housing market recorded its first month-over-month decline in the median sales price this year, according to data published by RE/MAX LLC, a subsidiary of RE/MAX Holdings (NYSE: RMAX).
Across the 51 metro areas surveyed for its report, RE/MAX found the median price of $425,000 was $5,000 lower than June’s price, a 1.2% drop. Compared to one year ago, the median sales price increased 3.7%.
Inventory was up 1.8% over June and 36.7% year-over-year. Helped by wider choices and lower prices, the overall number of home sales was up 3.8% compared to June and up 6.7% compared to July 2023. Only two of the surveyed markets recorded year-over-year sales declines –Bozeman, Montana, at -14.5% and Raleigh, North Carolina, at -2.0%. The markets with the biggest increase in year-over-year sales percentage were Burlington, Vermont (+19.8%), Dover, Delaware (+18.8%), and Providence, Rhode Island at +18.7%.
During July, days on market lengthened by two days over June to 36 days and was five days more than July 2023. Months’ supply of inventory was 2.2 in July, up from 2.1 in June and 1.7 in July 2023.
“July’s real estate activity is a promising sign of market resilience,” said Amy Lessinger, president of RE/MAX LLC. “Inventory bounced back after the historic lows of recent years, giving buyers far more options – even with the recent declines in new listings.”
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