Existing-home sales increased by 1.3% in July, with prices rising and inventory growing slightly

From GlobeNewswire: 2024-08-22 10:00:00

Existing-home sales grew by 1.3% in July to a rate of 3.95 million, breaking a four-month decline. However, sales were down 2.5% compared to a year ago. The median existing-home price increased by 4.2% to $422,600, marking the 13th straight month of year-over-year price gains. Inventory of unsold homes also rose by 0.8% to 1.33 million, equivalent to a 4.0 months’ supply. Sales improved in three out of four U.S. regions, with the Midwest remaining steady. First-time buyers accounted for 29% of sales, while all-cash sales were at 27%. The median condo price was $367,500, up 2.7% from the previous year.



Read more at GlobeNewswire: Existing-Home Sales Advanced 1.3% in July, Ending