NAR released a summary of existing-home sales data showing that housing market activity this July fell 1.3 percent from last month but improved 2.1 percent from last year. July’s existing home sales reached 5.44 million seasonally adjusted annual rate.
The national median existing-home price for all housing types was $258,300 in June, up 6.2 percent from a year ago. This marks the 65th consecutive month of year over year’s gains as prices reach an all time high.
Regionally, all four regions showed growth in prices from a year ago, with the West leading all regions with an incline of 7.6 percent. The South had a gain of 6.7 percent followed by the Midwest with a gain of 5.9 percent. The Northeast had the smallest gain of 4.1 percent from July 2016.
From June, two of the four regions experienced gains in sales. The West inclined 5.0 percent. The South rose 2.2 percent. The Northeast had the biggest drop of 14.5 percent. The Midwest had the smallest decline of 5.3 percent.
Two of the four regions showed an increase in sales from a year ago. The West had a gain of 5.0 percent. The South had an incline of 3.6 percent. The Midwest had a drop in sales of 1.6 percent followed by the Northeast with a decline of 1.5 percent. The South led all regions in percentage of national sales, accounting for 41.9 percent of total, while the Northeast had the smallest share at 11.9 percent.
July’s inventory figures are down 1.0 percent from last month to 1.92 million homes for sale. Inventories are down 9.0 percent from a year ago, marking 26 months of year over year declines. It will take 4.2 months to move the current level of inventory at the current sales pace. Transactions are moving faster and it takes approximately 30 days for a home to go from listing to a contract in the current housing market, down from 36 days a year ago.
In July, single-family sales decreased 0.8 percent and condominiums sales were down 4.8 percent compared to last month. Single-family home sales inclined 1.7 percent and condominium sales were up 5.3 percent compared to a year ago. Both single-family and condominiums had an increase in price with single-family up 6.3 percent at $260,600 and condominiums up 5.3 percent at $239,800 from July 2016.