US Existing Home Sales Rose 2% in July, Reaching a New Median Price High

July Existing Home Sales Data

• 📈 Existing home sales in July saw a 2% increase, reaching a seasonally adjusted annualized rate of 4.01 million units, surpassing street expectations.
• 📅 Month-over-month, sales were up 0.8% compared to July of the previous year.
• 🗓️ These sales figures reflect contracts signed in May and June, when mortgage rates were on a downward trend.

Housing Market Supply and Pricing

• 📦 The number of homes for sale at the end of July was 1.55 million, a 15.7% year-over-year increase, representing a 4.6-month supply at the current sales pace.
• 💰 Despite increased supply, the median home price in July hit a new record for the month at $422,400, a slight 0.2% increase from the previous year.
• 📊 Prices have been increasing annually for over two years, with this minimal rise potentially signaling a turning point.

Regional and Buyer Trends

• 🏘️ Sales were strongest in the Northeast and weakest in the Midwest.
• 🔑 First-time homebuyers accounted for 28% of sales, down from 30% in June and significantly below the historical average of 40%.
• ⏳ The days on market for homes increased both month-over-month and year-over-year.
• 💰 All-cash sales constituted 31% of transactions, an unusually high level according to the realtor's chief economist.