Monthly Indicators
U.S. existing home sales fell 5.4% month-over-month and 5.4% year-over-year to a seasonally adjusted annual rate of 3.89 million units, with monthly sales down in all four regions, according to the National Association of REALTORS® (NAR). Higher mortgage rates, along with rising sales prices, have kept many prospective buyers on the sidelines, despite more home choices and less competition for those homes.
New Listings were up 15.3 percent to 812. Pending Sales decreased 2.2 percent to 492. Inventory grew 40.1 percent to 1,977 units.
Prices moved higher as Median Sales Price was up 5.8 percent to $317,250. Days on Market increased 5.1 percent to 62 days, the twelfth consecutive month of year-over-year gains. Months Supply of Inventory was up 34.5 percent to 3.9 months, the twelfth consecutive month of year-over-year gains.
Home prices have maintained their upward trend across much of the country, even as sales slow and inventory improves.
According to NAR, the national median existing-home sales price climbed 4.1% year-over-year to $426,900 as of last measure, an all-time high. Meanwhile, total housing inventory increased 3.1% month-over-month to 1.32 million units heading into July, the highest level since 2020, for a 4.1-month supply at the current sales pace.
Housing Supply Overview
U.S. sales of new residential homes slipped to a 7-month low, as higher mortgage rates and rising sales prices have caused demand to slump. According to the U.S. Census Bureau, sales of new single-family homes fell 0.6% month-over-month and 7.4% year-over-year to a seasonally adjusted annual rate of 617,000 units. The median sales price for new homes rose to $417,300 as of last measure, with a 9.3-month supply of inventory at the current sales pace. For the 12-month period spanning August 2023 through July 2024, Pending Sales in the Western Upstate Association of REALTORS® region improved 3.5 percent overall. The price range with the largest pending sales gain was the $350,001 to $500,000 range, where sales improved 20.3 percent.
The overall Median Sales Price improved 6.3 percent to $299,900. The property type with the largest gain was the Condos segment, where prices went up 8.6 percent to $239,000. The price range that tended to
sell the quickest was the $150,000 and Below range at 52 days. The price range that tended to sell the slowest was the $1,000,001 and Above range at 76 days.
Market-wide, inventory levels rose 40.1 percent. The property type with the largest gain was the Condos segment, where the number of properties for sale rose 63.8 percent. That amounts to 3.8 months of inventory for Single-Family Homes and 4.4 months of inventory for Condos.
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