U.S. existing-home sales were virtually unchanged from the previous month, dipping just 0.2% to a seasonally adjusted annual rate of 4 million units, according to the National Association of REALTORS® (NAR). Most of these transactions went under contract in June and July, when mortgage rates were 40 to 50 basis points higher than current levels. Year-over-year, sales increased 1.8%, with the strongest activity occurring in the Midwest, where the typical home price is 22% below the national median.
New listings increased 3.9% for residential homes but decreased 4.5% for townhouse/condo homes. Pending sales decreased 0.1% for residential homes and 20% for townhouse/condo homes. Inventory decreased 9.8% for residential homes but increased 14.1% for townhouse/condo homes.
Median sales price increased 9.2% to $322,000 for residential homes and 0.4% to $226,000 for townhouse/condo homes. Days on market remained flat for residential homes but increased 57.1% for townhouse/condo properties. Months supply of inventory decreased 7.7% for residential homes but increased 12.9% for townhouse/condo homes.
Nationally, housing inventory declined for the first time this year, slipping 1.3% month-over-month to 1.53 million units, representing a 4.6-month supply at the current sales pace, according to NAR. Despite the monthly drop, total inventory remained 11.7% higher than the same time last year. Meanwhile, the median existing-home price rose 2% year-over-year to $422,600, though it was essentially flat compared to the prior month.
