U.S. existing-home sales declined 2.4% from the previous month to a seasonally adjusted annual rate of 4.09 million units, according to the National Association of REALTORS® (NAR). Regionally, sales increased in the Northeast but declined in the West, South, and Midwest. Compared to a year earlier, existing-home sales rose 2.8%, with gains in the Midwest, South, and West while remaining unchanged in the Northeast.
New listings increased 11.6% for residential homes and 8.5% for townhouse/condo homes. Pending sales decreased 1.4% for residential homes and 6.5% for townhouse/condo homes. Inventory increased 15.2% for residential homes and 9.2% for townhouse/condo homes.
Median sales price increased 5.9% to $350,000 for residential homes and 6.3% to $227,000 for townhouse/condo homes. Days on market remained flat for residential homes but increased 24.4% for townhouse/condo properties. Months supply of inventory increased 13% for residential homes and 15.2% for townhouse/condo homes.
Nationally, the median existing-home price hit a new record of $440,600, a 1.8% increase from a year earlier, NAR reported. Home prices have now increased on an annual basis for 36 consecutive months, reflecting continued demand despite inventory remaining below historically balanced levels. Heading into July, there were 1.56 million properties for sale, down 0.6% month-over-month but up 1.3% from the same period last year, representing a 4.6-month supply at the current sales pace. Homes spent a median of 28 days on the market, with first-time homebuyers accounting for 33% of home purchases.
ENCOMPASSING DATA FROM ST. LOUIS CITY AND COUNTY