At the end of the month there were 1.33 million homes on the market, an increase of 0.8% from June and 19.8% higher than July 2023.
Closed sales of previously owned homes rose 1.3% in July compared with June to a seasonally adjusted, annualized rate of 3.95 million units, according to the National Association of Realtors. That was the first gain in five months.Sales saw the biggest gains in the Northeast and were flat in the Midwest. Prices also rose the most in the Northeast.
These sales are based on contracts that were likely signed in May and June, when mortgage rates were well over 7% on the popular 30-year fixed loan. Rates began dropping in July and are The supply of homes for sale continued to move higher in July. At the end of the month, there were 1.33 million houses on the market, an increase of 0.8% from June and 19.8% higher than in July 2023. At the current sales pace, that represents a four-month supply, slightly lower than it was in June.Manhattan is now a 'buyer's market' as real estate prices fall and inventory risesThe increase in supply did not, however, help to cool home prices.
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