The U.S. housing market saw a positive shift in July as existing-home sales increased by 1.3%, ending a four-month decline. Despite this improvement, sales remained 2.5% lower than the same period last year.
The median existing-home price continued its upward trajectory, reaching $422,600, marking the 13th consecutive month of year-over-year price gains.
“Despite the modest gain, home sales are still sluggish,” said NAR Chief Economist Lawrence Yun. “But consumers are definitely seeing more choices, and affordability is improving due to lower interest rates.”
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The inventory of unsold homes increased slightly, offering some relief to buyers, while the median days on the market also rose. First-time buyers accounted for a steady 29% of sales, and all-cash sales dipped slightly.
Regionally, the Northeast and West saw year-over-year sales increases, while the Midwest and South experienced declines. The condo market underperformed compared to single-family homes, potentially due to rising maintenance and insurance costs.
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Overall, the July report suggests a potential stabilization in the housing market, although it remains to be seen if this trend will continue in the coming months.
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