July existing home sales rise

A new NAR report shows a modest July rise in existing home sales alongside higher inventory and steady wage growth.

July Existing Home Sales Rise Modestly as Inventory Grows

The July data show existing home sales up 2.0 percent from June, reaching a seasonally adjusted annual rate of 4.01 million. Inventory rose to 1.55 million homes, the highest level since May 2020, and the market still shows a 4.6 month supply of unsold homes. The median price in July was 422,400 dollars, up 0.2 percent from a year ago. Mortgage rates averaged about 6.72 percent for the month. Foreclosures and short sales remained near historic lows, underscoring a generally healthy financial backdrop for homeowners and lenders alike.

The uptick in July sales comes with a mix of relief and caution. On one side, wage growth outpacing home price gains improves affordability for many buyers and expands options in a market that has felt constrained by low inventories. On the other side, prices still trend higher compared with pre pandemic levels, and regional contrasts suggest the market can shift quickly depending on local economics. The rise in inventory helps buyers negotiate and signals a potential shift from a seller favored pace to a more balanced market, even as lending costs remain a hurdle for some households.

Highlights

Watch how inventory moves in the coming months to see if affordability gains stick.