Economists' Outlook

Housing stats and analysis from NAR's research experts.

July 2019 Existing-Home Sales

  • NAR released a summary of existing-home sales data showing that housing market activity this July rose 2.5% from June 2019. July’s sales of existing-homes inclined 0.6% from July 2018. July’s existing-home sales reached a 5.42 million seasonally adjusted annual rate.
Line graph: U.S. Existing-Home Sales July 2018 – July 2019
  • The national median existing-home price for all housing types reached $280,800 in July, up 4.3 percent from a year ago. This marks the 89th consecutive month of year-over-year gains.
Bar chart: Sales Price of EHS by Region
  • Regionally, three of the four regions showed growth in prices from a year ago. The Midwest had the largest gain of 8.1% followed by the South with an increase of 5.2%. The West had an increase of 3.7% and the Northeast had the only decline of 2.3% from July 2018.
  • June’s inventory figures fell from last month 1.6% to 1.89 million homes for sale. Compared with July of 2018, inventory levels were also down 1.6%. It will take 4.2 months to move the current level of inventory at the current sales pace. It takes approximately 29 days for a home to go from listing to a contract in the current housing market, and homes only stayed on the market 27 days last year as well.
Bar chart: Inventory July 2018 – July 2019
  • From June 2019, three of the four regions showed increases in sales. The West had the biggest increase in sales at 8.3%. The South rose 1.8% followed by the Midwest with a gain of 1.6%. The Northeast had the only decline of 2.9%.
  • From a year ago, two of the four regions showed inclines in sales. The South had the biggest gain in sales at 2.7% followed by the Midwest with a rise of 0.8%. The West fell 0.8% followed by the Northeast with the biggest decline of 4.3%. The South led all regions in percentage of national sales, accounting for 42.6 % of the total, while the Northeast had the smallest share at 12.2%.
Bar chart: Regional Sales July 2018 – July 2019
  • In July, single-family sales were up 2.8% and condominiums sales were flat compared to last month. Single-family home sales were up 1.0% and condominium sales were down 3.3% compared to a year ago. Single-family homes had an increase in price up 4.5% at $284,000 and condominiums rose 2.5% at $254,300 from July 2018.

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