Despite summer winding down and our thermostats finally getting a chance to recalibrate, the housing market continues to warm up. From June to July of this year, we saw a 2% increase in existing home sales (on a seasonally adjusted annual rate of 5.99 million units). This marks two back-to-back months of increases, according to the National Association of Realtors®.
“We see inventory beginning to tick up, which will lessen the intensity of multiple offers…”
- Lawrence Yun, NAR’s Chief Economist
Part of this equation came from the increase in unsold homes. The U.S inventory grew to 132 million from June to July — on par with the 2.6 months of the monthly sales pace.
“Although we shouldn't expect to see home prices drop in the coming months, there is a chance that they will level off as inventory continues to gradually improve."
- Lawrence Yun
The National Association of Realtors also reported Monday that the price of an existing home sold in July climbed 17.8 percent from a year ago to $359,900, near the all-time high set in June.