Home sales up 2% in July as prices stayed nearly flat
Home sales increased 2% last month after a lackluster spring selling season as prices cooled.
Existing-home sales increased by 2% in July, according to a report from the National Association of Realtors released Thursday. That’s a seasonally adjusted annual rate of 4.01 million and a 0.8% increase in sales year-over-year.
“The ever-so-slight improvement in housing affordability is inching up home sales,” NAR Chief Economist Lawrence Yun said. “Wage growth is now comfortably outpacing home price growth, and buyers have more choices.”
The median existing-home price for all housing types was up 0.2% to $422,400 from one year ago when it was $421,400. That’s the 25th consecutive month of year-over-year price gains.
“Near-zero growth in home prices suggests that roughly half the country is experiencing price reductions. Overall, homeowners are doing well financially. Only 2% of sales were foreclosures or short sales – essentially a historic low. The market’s health is supported by a cumulative 49% home price appreciation for a typical American homeowner from pre-COVID July 2019 to July this year,” Yun said.
Total housing inventory hit 1.55 million units, up 0.6% from June and 15.7% from July 2024 (1.34 million). NAR reported a 4.6-month supply of unsold inventory, down from 4.7 months in June and up from 4 months in July 2024. A six-month supply is generally considered a balanced market.
“Homebuyers are in the best position in more than five years to find the right home and negotiate for a better price. Current inventory is at its highest since May 2020, during the COVID lockdown.”
In July, homes spent a median of 28 days on the market, up from 27 days last month and 24 days in July 2024. First-time homebuyers accounted for 28% of sales last month, down from 30% in June and 29% in July 2024.
Cash sales remain popular. In July, 31% of transactions were cash sales, up from 29% a month ago and 27% in July 2024.
A fifth of transactions were individual investors or second-home buyers, up from 14% last month and 13% in July 2024.
The average 30-year fixed-rate mortgage was 6.72% in July, according to Freddie Mac, down from 6.82% in June and 6.85% one year ago.
Showers And Thunderstorms Likely then Chance Showers And Thunderstorms
Latest News Stories
Illinois Quick Hits: At least 7 tornadoes hit Illinois last week
Reentry housing bill draws support from advocates; debate centers on cost, public safety
Meeting Summary and Briefs: Will County Board Executive Committee for April 9, 2026
On the road to 100 years: How the Forest Preserve District expanded
Illinois proposal aims to improve detection of potentially staged deaths
Bachelor’s at Illinois community colleges may widen access, affordability
Meeting Summary and Briefs: Will County Board Ad-Hoc Ordinance Review Committee for April 14, 2026
Executive Committee Advances Sweeping Updates to Adult Entertainment and Wireless Facilities Ordinances
Illinois Quick Hits: Teachers union says CPS to bus students to rally
Pritzker says of BUILD Plan for homes would not cost taxpayers
Illinois GOP aims to keep power plants open, increase charge transparency
Inspector: Chicago finance department lacks tools to collect $8.1 billion owed
Illinois lawmakers seek to eliminate state diversity commission
Ad-Hoc Committee: County Lowers Air Rifle Age to 13, Finds Airsoft Guns Beyond Local Regulatory Reach
