Key facts
- Existing home sales in the U.S. decreased by 1.7% in July to 4.06 million units.
- The median existing home price increased 2.0% year-over-year to $434,100.
- Housing inventory declined to 1.54 million units, representing 4.6 months of supply.
- The average 30-year fixed-rate mortgage reached 6.69% last week.
Sales of previously occupied U.S. homes slowed again in July, falling 1.7% from June to a seasonally adjusted annual rate of 4.06 million units, according to the National Association of Realtors. This marks the second consecutive monthly decline. The median sales price increased 2.0% year-over-year to $434,100, though it was down from an all-time high in June. Housing inventory levels also decreased to 1.54 million unsold homes, representing a 4.6-month supply at the current sales pace, well below the 5-to-6 months considered balanced. The average 30-year fixed-rate mortgage climbed to 6.69% last week, its highest level in over a year, adding to affordability challenges for prospective buyers. First-time homebuyers accounted for 29% of sales, down from 33% in June and below the historical norm of 40%.