Existing Home Sales Fall 1.9% as July Supply Hits 4.6-Month 10-Year High
Updated
Updated · WOLF STREET · Aug 11
Existing Home Sales Fall 1.9% as July Supply Hits 4.6-Month 10-Year High
3 articles · Updated · WOLF STREET · Aug 11
Summary
Single-family existing home sales fell 1.9% in July from June to a 3.69 million annual rate, marking a second straight monthly decline and extending a four-year slump.
Supply climbed to 4.6 months—the highest since summer 2016—as inventory rose to 1.4 million homes, while condo and co-op sales stayed at 370,000 and their supply reached 6.6 months, the highest since 2012.
The South and Midwest led the pullback, with sales down 3.1% and 2.0%; the West was flat and the Northeast rose 2.0%, though all four regions remained below 2019 levels.
Freddie Mac's 30-year mortgage rate stood at 6.69%, and the report argues persistent inflation—not unusually high rates—is keeping affordability strained after the pandemic-era price surge.
Nationally, the median single-family price was $440,300, up 1.9% from a year earlier, but local markets remain split, with prices down 10% to 26% in cities including Austin and Oakland.