Despite the drop in mortgage rates – to 6.5% in the latest reporting week – and the surge in inventories as vacant homes for sale are coming out of the woodwork.
Sales of existing homes of all types – single-family houses, townhomes, condos, and co-ops – in July inched up 1.3% from June, to a seasonally adjusted annual rate of 3.95 million, below the low point in May 2020, the fourth-lowest since the depth of the Housing Bust in 2010, behind only June 2024, and October and December 2023.
2023: -2.5%, 2022: -19.1%, 2021: -34.5%, 2019: -26.7%, 2018: -26.7%.
Inventory and supply have reached multi-year highs, as sales have sagged. Inventory rose to 1.33 million homes, the highest since October 2020, according to NAR data.
Active listings surged by 36.6% year-over-year to 884,273 in July, the highest since May 2020, according to data from Realtor.com
Price reductions as a percent of active listings, at 37.6%, were the second highest for any July in Realtor.com’s data going back to 2016, behind only July 2022.
The median price of single-family houses dipped to $428,500 in July from the seasonal peak in June, and was up 4.2% year-over-year.
The median price of condos and co-ops fell to $367,500 in July, and was up 2.7% year-over-year.
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