NAR released a summary of existing-home sales data showing that July’s existing-home sales increased year-over-year for the 10th consecutive month, as sales reach the 5.59 million seasonal annual adjusted rate. July’s sales are the highest sales pace since February 2007 jumping up 10.3% from a year ago, while sales moved up 2.0% from last month.
The national median existing-home price for all housing types was $234,000 in July, up 5.6% percent from a year ago, close to the record high of last month.
Regionally, all four regions showed growth in prices from a year ago. The West had the largest gain at 8.4% while the Northeast had the smallest gain at 1.3% from last July.
From June, only the South and the West showed an increase in sales. The West increased 3.2% while the South increased 4.1%. The Northeast was the weakest region with a decline of 2.8% while the sales in the Midwest were flat. However, all regions showed an increase in sales from a year ago. The Northeast had the smallest increase of 9.4% while the West had the biggest gain of 11.3%. The South leads all regions in percentage of sales at 44% while the Northeast has the smallest share at 13%.
July’s inventory figures declined 0.4% from last month and are down 4.7 % from a year ago. It will take 4.8 months to move the current level of inventory at the current sales pace. It takes approximately 42 days for a home to go from listing to a contract in the current housing market.
Single family sales are outperforming condo sales, increasing 2.7% while condo sales fell 3.1% from last month. Single family home sales increased 11.0% and condo sales are only up 5.0% from a year ago. Both single family and condos had an increase in price with single family up 5.8% and condo up 3.2% from a year ago, July 2014.