In July, existing-home sales increased by 2.0%, with improvements in the Northeast, South, and West regions. The South region saw a rise in condominium sales due to falling prices. Home prices remained stable, with only 2% of sales being foreclosures or short sales. Total existing-home sales reached 4.01 million, with a median price of $422,400. Single-family home sales were up 2.0%, while condo sales increased by 2.8%. Regionally, the Northeast and South saw sales growth, while the Midwest and West experienced decreases. Mortgage rates remained steady, offering buyers more options in a healthy market. 1. Existing-home sales data is based on transaction closings from Multiple Listing Services, accounting for more than 90% of total home sales. The annual rate for a particular month represents what total sales for a year would be if the relative pace for that month were maintained. Seasonally adjusted annual rates are used to factor out seasonal variations in resale activity. Single-family and condo data collection began in 1968 and 1981, respectively, with the series combined in 1999. Historic comparisons for total home sales prior to 1999 are based on monthly single-family sales.

2. Total inventory and month’s supply data are available back through 1999, with single-family inventory and month’s supply available back to 1982. Single-family sales accounted for more than 90% of transactions prior to 1999, with condos measured only quarterly.

3. The median price, where half sold for more and half for less, offers a more typical market condition than average prices. Valid comparisons for median prices are with the same period a year earlier due to seasonal buying patterns. Changes in sales composition can distort median price data. The national median condo/co-op price is often higher due to concentration in higher-cost housing markets.

4. Distressed sales, days on market, first-time buyers, all-cash transactions, and investors data are from a monthly survey for the NAR’s REALTORS® Confidence Index.

Read more at 1. “Tech giant Apple announces record-breaking quarterly revenue of $111.4 billion, driven by strong iPhone sales and growth in services. Despite pandemic challenges, the company’s profits soar to $28.76 billion.” – CNBC

2. “Tesla reports fourth-quarter earnings of $10.74 billion, surpassing expectations as demand for electric vehicles continues to rise. The company’s stock jumps 4% in after-hours trading following the positive news.” – Reuters

3. “Amazon’s Jeff Bezos steps down as CEO, handing over the reins to Andy Jassy. The e-commerce giant also reveals a revenue increase of 44% to $125.6 billion in the fourth quarter of 2020.” – Wall Street Journal

4. “Facebook announces plans to invest $1 billion in the news industry over the next three years, as the company faces scrutiny over its role in spreading misinformation. The social media giant aims to support journalism and combat fake news on its platform.” – CBS MarketWatch: NAR Existing-Home Sales Report Shows 2.0% Increase in July