Existing-home sales were up for the second month in a row in July, according to the National Association of Realtors…(NAR)
- M-O-M: Total existing-home sales grew 2.0% from June to a seasonally adjusted annual rate of 5.99 million.
- Y-O-Y: Sales were up 1.5% when compared to the same time a year ago.
Inventory continued to move in the right direction even if it was still down when compared to the same time a year ago…
- TOTAL INVENTORY: Ended the month up 7.3% from June to 1.32 million units but was still down 12.0% from one year ago (1.50 million).
- UNSOLD INVENTORY: sits at a 2.6-month supply at the present sales pace, up slightly from the 2.5-month figure recorded in June but down from 3.1 months in July 2020.
The median existing-home price was $359,900, up 17.8% from July 2020, as each region saw prices climb.
Speaking of regions, the South had the best month overall showing positive growth in each category. Existing-home sales rose 1.2% in July which was also up 1.2% from the same time one year ago. The median price jumped 14.4% from one year ago to $305,200, a 14.4%.
- WEST: Sales were up 3.3% from June and was equal to the level of a year ago. The median price in the West was $508,300, up 12.5% from July 2020.
- NORTHEAST: Sales were flat from June but they were up 12.1% rise from July 2020. The median price in the Northeast was $411,200, up 23.6% from one year ago.
- MIDWEST: Sales were up 3.8% from June, unfortunately, this was down 1.4% from a year ago. The median price in the Midwest was $275,300, a 13.1% increase from July 2020.
Lawrence Yun, chief economist at NAR, said as inventory levels increase we could see a leveling off prices. However, in the meantime, they are looking at higher prices and rents…
- “Although we shouldn’t expect to see home prices drop in the coming months, there is a chance that they will level off as inventory continues to gradually improve…In the meantime, some prospective buyers who are priced out are raising the demand for rental homes and thereby pushing up the rental rates,”