Existing home sales fall for sixth straight month, down 5.9% in July 2022

NAR released a summary of existing home sales data showing July housing market activity fell 5.9% from June 2022. July existing home sales hit an annual rate seasonally adjusted 4.81 million. July existing home sales were down 20.2% from July 2021. July sales mark the sixth consecutive month of decline.

The national median existing home price for all housing types hit $403,800 in June, up 10.8% from a year ago. Home prices continued to climb, marking the 125th consecutive month of year-over-year gains.

Bar chart: median sale price of existing homes in the United States and the region, July 2022 and July 2021

Regionally, in July, all four regions showed strong price growth compared to a year ago. The South recorded the largest gain of 14.7%, followed by the Northeast and West; the two shared an 8.1% grade. The Midwest recorded the lowest price increase of 7.0% from July 2021.

July’s unsold inventory at the end of the month was up 4.8% from last month, standing at 1,310,000 homes for sale. Compared to July 2021, inventory levels remained stable. It will take 3.3 months to move the current level of inventory to the current pace of sales, well below the desired pace of 6 months.

Demand remains strong as homebuyers snap up MLS listings quickly, and it takes about 14 days for a home to go from listing to contract in the current housing market. A year ago, it took 17 days.

Bar chart: Inventory, July 2021 to July 2022

Compared to a year ago, all four regions recorded double-digit declines in sales in July. The West recorded the largest decline of 30.4%, followed by the South, which fell 19.6%. The Northeast fell 16.2%, followed by the Midwest, down 14.4%.

Compared to June 2022, all four regions also saw lower sales. The West region recorded the largest drop of 9.4%, followed by the Northeast with a drop of 7.5%. The South fell 5.3%, followed by the Midwest with the most minor drop in sales of 3.3%.

The South led all regions in percentage of national sales, accounting for 44.3% of the total, while the Northeast had the smallest share at 12.9%.

Bar chart: Regional existing home sales and year-over-year percentage change, July 2022 and July 2021

In July, single-family home sales fell 5.5% and condominium sales fell 9.1% from a month ago. Sales of single-family homes were 19.0%, while condominium sales fell 29.6% from a year ago. The median sale price for single-family homes rose 13.3% to $410,600 from July 2021, while the median sale price for condominiums rose 9.9% to $345,000.

Line chart: Year-over-year percentage change in median sales prices for single-family homes and condominiums, January 2020 to July 2022
Line chart: Year-over-year percent change in sales of existing single-family homes and condominiums, January 2020 to July 2022
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