NAR: Existing-home sales decline as median price remains above $400,000 

by John Yellig

Existing-home sales slowed again in July as the median sales price settled above $400,000 for the fourth time on record, the National Association of REALTORS® announced.         

Specifically, the median existing-home price for all housing types in July was $406,700, down from $410,000 in June but up 1.9% from $399,000 in July 2022.   

Existing-home sales slid 2.2% from June to a seasonally adjusted annual rate of 4.07 million. Year-over-year, sales were down 16.6% from 4.88 million in July 2022.    

“Two factors are driving current sales activity — inventory availability and mortgage rates,” NAR Chief Economist Lawrence Yun said in a press release. “Unfortunately, both have been unfavorable to buyers.” 

The 30-year fixed-rate mortgage averaged 7.09% as of Aug. 17, up from 6.96% a week before and 5.13% a year earlier, according to Freddie Mac.    

Total housing inventory at the end of July was 1.11 million units, up 3.7% from June but down 14.6% on a year-over-year basis. At the current sales pace, unsold inventory represented a 3.3-month supply, up from 3.1 months in June and 3.2 months in July 2022.           

Properties typically remained on the market for 20 days in July, up from 18 in June and 14 in July 2022. Seventy-four percent of homes sold in July were on the market for less than a month.     

By property type, single-family home sales in July slid 1.9% month over month to 3.65 million. The median existing single-family home price was $412,300, up 1.6% on a year-over-year basis.                   

Existing condominium and co-op sales decreased 4.5% month over month to a seasonally adjusted annual rate of 420,000 units in July, which was 19.2% lower than the July 2022 rate. The median existing condo price was $357,600, up 4.5% from the year-ago price of $342,200.          


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