Existing Home Sales During July 2023

The Existing Home Sales report for July 2023 was released by The National Association of Realtors® (NAR®) this morning:

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Previous Month: 4,160,000

• Actual: 4,070,000

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•  Change from Previous Month: -2.16% (-9,000 homes)
  
  
•  Change from A Year Ago: -16.6% (-81,000 homes)

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Inventory: 1,110,000 (3.3 months supply.)

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The yellow-highlighted, "actual" figure above represents the preliminary, seasonally adjusted annualized sales count of existing homes, co-ops and condominiums for the indicated month. The "predicted" figure is what economists were expecting, while the "actual" is the true or real figure.

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• Median Price: $406,700
  
  
• Price Change from A Year Ago: +1.93% (+$7,000)

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• Click here for historical prices and a chart.

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From Today's Report:

"...'Two factors are driving current sales activity – inventory availability and mortgage rates,' said NAR Chief Economist Lawrence Yun. 'Unfortunately, both have been unfavorable to buyers.'

'Most homeowners continue to enjoy large wealth gains from recent years with little concern about home price declines,' Yun said. 'However, many renters are concerned as they’re facing growing affordability challenges because of high interest rates.'

According to Freddie Mac, the 30-year fixed-rate mortgage averaged 7.09% as of August 17. That’s up from 6.96% the prior week and 5.13% one year ago..."

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• Click here to view the NAR data.

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INFOGRAPHIC: Existing Home Sales
July 2023 UPDATE

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Existing Home Sales During August 2022

The Existing Home Sales report for August 2022 was released by The National Association of Realtors® (NAR®) this morning:

Predicted: 4,800,000

• Actual: 4,800,000

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•  Change from Previous Month: -0.415% (-20,000 homes)
  
  
•  Change from A Year Ago: -19.87% (-1,190,000 homes)

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Inventory: 1,280,000 (3.2 months supply.)

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The yellow-highlighted, "actual" figure above represents the preliminary, seasonally adjusted annualized sales count of existing homes, co-ops and condominiums for the indicated month. The "predicted" figure is what economists were expecting, while the "actual" is the true or real figure.

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• Median Price: $389,500
  
  
• Price Change from A Year Ago: +7.75% (+$28,000)

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• Click here for historical prices and a chart.

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From Today's Report:

"...'The housing sector is the most sensitive to and experiences the most immediate impacts from the Federal Reserve's interest rate policy changes,' said NAR Chief Economist Lawrence Yun. 'The softness in home sales reflects this year's escalating mortgage rates. Nonetheless, homeowners are doing well with near nonexistent distressed property sales and home prices still higher than a year ago.'


'Inventory will remain tight in the coming months and even for the next couple of years,' Yun added. 'Some homeowners are unwilling to trade up or trade down after locking in historically-low mortgage rates in recent years, increasing the need for more new-home construction to boost supply.'


The median existing-home price for all housing types in August was $389,500, a 7.7% jump from August 2021 ($361,500), as prices ascended in all regions. This marks 126 consecutive months of year-over-year increases, the longest-running streak on record. However, it was the second month in a row that the median sales price retracted after reaching a record high of $413,800 in June, the usual seasonal trend of prices declining after peaking in the early summer.


Properties typically remained on the market for 16 days in August, up from 14 days in July and down from 17 days in August 2021. Eighty-one percent of homes sold in August 2022 were on the market for less than a month..."

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• Click here to view the NAR data.

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INFOGRAPHIC: Existing Home Sales
August 2022 UPDATE

 

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Existing Home Sales During July 2022

The Existing Home Sales report for July 2022 was released by The National Association of Realtors® (NAR®) this morning:

Predicted: 5,000,000

• Actual: 4,810,000

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•  Change from Previous Month: -5.87% (-300,000 homes)
  
  
•  Change from A Year Ago: -20.23% (-1,220,000 homes)

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Inventory: 1,310,000 (3.3 months supply.)

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The yellow-highlighted, "actual" figure above represents the preliminary, seasonally adjusted annualized sales count of existing homes, co-ops and condominiums for the indicated month. The "predicted" figure is what economists were expecting, while the "actual" is the true or real figure.

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• Median Price: $403,800
  
  
• Price Change from A Year Ago: +10.75% (+$39,200)

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• Click here for historical prices and a chart.

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From Today's Report:

"...'The ongoing sales decline reflects the impact of the mortgage rate peak of 6% in early June,' said NAR Chief Economist Lawrence Yun. 'Home sales may soon stabilize since mortgage rates have fallen to near 5%, thereby giving an additional boost of purchasing power to home buyers.'

'We're witnessing a housing recession in terms of declining home sales and home building,' Yun added. 'However, it's not a recession in home prices. Inventory remains tight and prices continue to rise nationally with nearly 40% of homes still commanding the full list price.'

Properties typically remained on the market for 14 days in July, the same as in June and down from 17 days in July 2021. The 14 days on market are the fewest since NAR began tracking it in May 2011. Eighty-two percent of homes sold in July 2022 were on the market for less than a month.

Realtor.com®'s Market Trends Report in July shows that the largest year-over-year median list price growth occurred in Miami (+36.2%), Memphis (+32.7%) and Orlando (+28.4%). Phoenix reported the highest increase in the share of homes that had their prices reduced compared to last year (+31.8 percentage points), followed by Las Vegas (+28.6 percentage points) and Austin (+27.8 percentage points)..."

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• Click here to view the NAR data.

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INFOGRAPHIC: Existing Home Sales
July 2022 UPDATE

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