The upside surprise came despite monthly and yearly declines in the pace of sales. 

Nationally, home sales rose 0.6% year over year but slid 0.7% month over month, RE/MAX said. 

The association said the housing market is making a definitive swing back in the direction of the buyer thanks to wage growth, slowing home-price gains and rising inventory. 

The single-family sector managed to eke out a slight monthly gain, according to the U.S. Census Bureau and the U.S. Department of Housing and Urban Development. 

The NAHB/Wells Fargo Housing Market Index slid a point to 32, reflecting ongoing negative sentiment in the homebuilding industry. 

Compass agents handled both the buyer and seller sides of the Seattle area’s most expensive residential real estate transaction last month.

Windermere Real Estate Principal Economist Jeff Tucker shared his Seattle market insights for July — including his take that buyers are gaining leverage over sellers.

NAR’s report — which surveyed nearly 5,000 Realtor members — also found that the typical agent took on 10 transactions in 2024, the same as a year prior.

Home-purchase activity remained elevated from 2024, but a cloudy economic outlook has deterred some would-be homebuyers. 

A $75 million estate on Lake Washington tops this month’s list of the 10 most expensive new listings in Seattle.

Geographically, the only region to post a monthly increase in pending sales was the Northeast, where they rose 2.1%, according to NAR’s Pending Home Sales Index.

Nationally, the pace of home-price appreciation declined to its slowest pace in almost two years, according to the S&P CoreLogic Case-Shiller U.S. National Home Price Index. 

The inventory of new homes for sale surged year over year, according to the U.S. Census Bureau and the U.S. Department of Housing and Urban Development.    

At the same time, the pace of existing-home sales declined from May’s level. 

Nationally, home sales rose 5.7% year over year and 1.3% month over month, RE/MAX said. 

New single-family home construction declined as builders continue to grapple with macroeconomic headwinds.