NAR released a summary of existing-home sales data showing that housing market activity this July fell for the fourth straight month down 0.7 percent from last month, and dropped 1.5 percent from last year. July’s existing-home sales reached 5.34 million seasonally adjusted annual rate.
The national median existing-home price for all housing types was $269,600 in July, up 4.5 percent from a year ago. This marks the 77th consecutive month of year-over-year gains.
Regionally, all four regions showed growth in prices from a year ago, with the Northeast having the biggest advance of 6.8 percent. The West had a gain of 5.1 percent followed by the South with an increase of 2.7 percent. The Midwest had the smallest gain of 2.5 percent from July 2017.
July’s inventory figures are down 0.5 percent from last month to 1.92 million homes for sale. Compared with July of 2017, there was no movement in inventory levels. It will take 4.3 months to move the current level of inventory at the current sales pace. It takes approximately 27 days for a home to go from listing to a contract in the current housing market, down from 30 days a year ago.
From June 2018, three of the four regions experienced declines in sales. The Northeast had the biggest decline of 8.3 percent. The Midwest had a drop of 1.6 percent followed by the South with a dip in sales of 0.4 percent. The West had the only gain in sales of 4.4 percent.
All four regions showed declines in sales from a year ago. The West had the biggest drop in sales of 4.0 percent. The Northeast had a decline of 1.5 percent followed by the Midwest with a decline of 0.8 percent. The South had the smallest drop in sales of 0.4 percent. The South led all regions in percentage of national sales, accounting for 41.9 percent of the total, while the Northeast had the smallest share at 12.4 percent.
In July, single-family sales declined 0.2 percent and condominiums sales were down 4.8 percent compared to last month. Single-family home sales fell 1.2 percent and condominium sales were down 3.3 compared to a year ago. Both single-family and condominiums had an increase in price with single-family up 4.6 percent at $272,300 and condominiums up 3.2 percent at $248,100 from July 2017.