July nationwide home sales rebounded 3.8 percent from July while the median sales price dropped for the first time this year, according to the RE/MAX National Housing Report. The report, which surveys 51 metro areas across the U.S., also found the July median price of $425,000 was $5,000 — or 1.2 percent — lower than June. Compared to one year ago, July home sales were up 6.7 percent and the median sales price increased 3.7 percent.
Inventory, meanwhile, was up 1.8 percent over June and 36.7 percent year-over-year. This happened despite a 9.4 percent decline in new listings from June, though new listings were up 7.1 percent from July 2023.
Summer buying patterns could have been the reason for an increase in some regional home sales, report authors said.
Mike Opyd, senior vice president with RE/MAX Premier in Chicago, said July is historically a busy month, “July was a relatively busy month, as people were trying to get into homes before August when the end of summer vacations take place and school starts. With rates trending downward over the last few months, July lined up nicely for buyers to take advantage, which led to a slight increase in sales.”
Amy Lessinger, president of RE/MAX, said, “July’s real estate activity is a promising sign of market resilience. Inventory bounced back after the historic lows of recent years, giving buyers far more options — even with the recent declines in new listings. As the industry prepares to adapt to several new changes in business practices, home buyers and sellers should look for a trusted advisor with the skills, knowledge and experience to guide them.”
Other metrics of note from the report were:
- Buyers paid 99 percent of the asking price in July, compared to 100 percent in June and July 2023.
- The number of days on the market lengthened by two days over June to 36 days and was five days more than July 2023.
- The months of supply of inventory was 2.2 in July, up from 2.1 in June and 1.7 in July 2023.
The RE/MAX National Housing Report is distributed monthly and is based on Multi-Listing Service data for the stated month in 51 metropolitan areas. It includes single-family residential property types and is not annualized. For maximum representation, most of the largest metro areas in the country are represented and an attempt is made to include at least one metro area in almost every state.