July 2024 brought a glimmer of optimism to the U.S. housing market as existing-home sales edged upward, breaking a four-month streak of declines. According to the latest data from the National Association of Realtors, sales saw growth in most regions, with notable year-over-year improvements in the Northeast and West. In the Midwest, however, the market remained stable with no change in sales from June, though there was a 5.2% decline compared to the previous year. While the overall market remains challenging, increased inventory and slightly lower mortgage rates are providing potential homebuyers with more options and improved affordability.
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Source: The World Property Journal | Repost Houterloot 8/27/2024 -
According to recent data from the National Association of Realtors, existing-home sales saw an improvement in July 2024, halting a four-month streak of declines. Sales increased in three of the four major U.S. regions, with the Midwest holding steady. On a year-over-year basis, sales rose in the Northeast and West, but fell in the Midwest and South.
Total existing-home sales, which include single-family homes, townhomes, condominiums, and co-ops, rose by 1.3% from June to a seasonally adjusted annual rate of 3.95 million in July. However, compared to the previous year, sales dropped by 2.5% from 4.05 million in July 2023.
"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."
The total housing inventory at the end of July stood at 1.33 million units, marking a 0.8% increase from June and a 19.8% rise from a year ago (1.11 million). The unsold inventory represents a 4.0-month supply at the current sales pace, a slight decrease from 4.1 months in June but an increase from 3.3 months in July 2023.
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