E
xisting-home sales in the US increased by 2.0% in July, according to a report from the National Association of REALTORS. This marks a slight improvement in housing affordability and is attributed to wage growth outpacing home price growth. Condominium sales saw an increase in the South region, where prices had been falling for the past year.

    The median existing-home price rose by 0.2% from last year to $422,400, marking the 25th consecutive month of year-over-year price increases. The national inventory of homes increased by 15.7% from July 2024 and is at its highest since May 2020.

    Regional sales trends varied, with the Northeast experiencing an 8.7% increase in sales, while the Midwest saw a 1.1% decrease. The South and West regions also showed different trends, with the South seeing a 2.2% increase and the West experiencing a 4.0% decline in year-over-year sales.

    The median time on market for properties increased to 28 days, and cash sales made up 31% of transactions. First-time homebuyers accounted for 28% of sales, down from 30% in June. Distressed sales, including foreclosures and short sales, comprised only 2% of total sales.

    The average 30-year fixed mortgage rate decreased to 6.72%, according to Freddie Mac. The National Association of REALTORS provides data on the real estate market through its Existing-Home Sales Report, which includes information on home prices, inventory, and regional trends.