NAR released a summary of existing-home sales data showing that housing market activity this July soared 24.7% from June 2020, an all-time high for month-over-month growth. July’s existing-home sales reached a 5.86 million seasonally adjusted annual rate. July’s sales of existing homes rose 8.7% from July 2019. July’s existing-home sales will also be higher than the pre-pandemic level in February of 5.76 million.
The national median existing-home price for all housing types was $304,100 in July, up 8.5% percent from a year ago. The median price is at an all-time high. Home prices have continued to escalate, and this marks the 101st consecutive month of year-over-year gains.
Regionally, all four regions showed price growth from a year ago. The West had a double-digit gain of 11.3% followed by the South with an incline of 9.9%. The Midwest showed an increase of 8.0% and the Northeast had the smallest price gain of 4.0% from July 2019.
July’s inventory figures fell 2.6% from last month standing at 1.50 million homes for sale. Compared with July of 2019, inventory levels plunged 21.1%. This would mark 14 straight months of year-over-year declines. It will take 3.1 months to move the current level of inventory at the current sales pace.
It takes approximately 22 days for a home to go from listing to a contract in the current housing market which is an all-time low. A year ago, it took 29 days.
From June 2020, all of the four regions showed double gains in sales. The Northeast had the largest gain of 30.6% followed by the West with an incline of 30.5%. The Midwest had an increase of 27.5% followed by the South with the smallest upsurge of 19.4%.
From a year ago, three of the four regions showed inclines in sales. The Northeast region was the only region to have a decline of 5.9%. The South had the biggest incline in sales of 12.6% followed by the Midwest with an increase of 10.3%. The West had the smallest gain of 7.8%.
The South led all regions in percentage of national sales, accounting for 44.2% of the total, while the Northeast had the smallest share at 10.9%.
In July, single-family sales were up 23.9% and condominiums sales were up 31.8% compared to last month. Single-family home sales were up 9.8% while condominium sales were flat compared to a year ago. Single-family homes had an increase in price up 8.5% at $307,800 and condominiums rose 6.4% at $270,100 from July 2019.