Existing-home sales fell 2.2% in July to a seasonally adjusted annual rate of 4.07 million, according to the National Association of Realtors (NAR). Sales declined 16.6% year-over-year, down from 4.88 million in July 2022.
“Two factors are driving current sales activity – inventory availability and mortgage rates,” said NAR Chief Economist Lawrence Yun. “Unfortunately, both have been unfavorable to buyers.”
Total housing inventory increased 3.7% in July to 1.11 million units but remains down 14.6% year-over-year (1.3 million). The median existing-home price for all housing types in July increased to $406,700, an increase of 1.9% from July 2022 ($399,000). Prices rose in the Northeast, Midwest and South but remained unchanged in the West.
Distressed sales – foreclosures and short sales – represented 1% of sales in July, virtually unchanged from last month and the prior year.
Read the NAR release.