Improving affordability and wages outpacing home prices produced a slight uptick in existing-home activity and expanded buyer choices. Condominium sales rose in the South after a year of falling prices. The median existing-home sales price in July was $422,400, up 0.2% year over year, marking the 25th consecutive month of annual increases, though near-zero national growth suggests many regions are seeing declines. Typical homeowners saw cumulative 49% appreciation from pre-COVID July 2019 to July this year; inventory totaled 1.55 million homes, a 4.6-month supply. Homes spent a median 28 days on market; first-time buyers fell to 28%, cash sales rose to 31%, and investor/second-home purchases reached 20%.
NAR's chief economist Lawrence Yun attributes this slight increase to improving affordability. Wage growth is now comfortably outpacing home price growth, and buyers have more choices. Condominium sales increased in the South region, where prices had been falling for the past year, Yun said in a statement. The median sales price for existing homes in July was $422,400, up just 0.2% annually. However, this does mark the 25th consecutive month of annual price increases.
Near-zero growth in home prices suggests that roughly half the country is experiencing price reductions. Overall, homeowners are doing well financially. 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. At the end of the month, there were 1.55 million existing homes for sale, up 0.6% from June and 15.7% from July 2024.
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