Each month, the Research Update report provides a summary of the data, reports, blog posts, and instant reactions produced by NAR's research team.
Existing-home sales fell 2.2% in July to a seasonally adjusted annual rate of 4.07 million. Sales receded 16.6% from one year ago. The median existing-home sales price rose 1.9% from one year ago to $406,700. It was the fourth time the monthly median sales price eclipsed $400,000, joining June 2023 ($410,000), June 2022 ($413,800) and May 2022 ($408,600). The inventory of unsold existing homes increased 3.7% from the previous month to 1.11 million at the end of July, or the equivalent of 3.3 months’ supply at the current monthly sales pace.
Pending home sales increased 0.9% in July – rising for the second consecutive month – according to the National Association of REALTORS®. The Northeast and Midwest posted monthly losses, while sales in the South and West grew. All four U.S. regions saw year-over-year declines in transactions.
Housing affordability remained at 87.8 in July, the same as in June. An index below 100 means that a family with a median income has less than the income required to afford a median-priced home.
Properties typically remained on the market for 20 days in July, up from 18 days in June and 14 days in July 2022. Seventy-four percent of homes sold in July were on the market for less than a month. First-time buyers were responsible for 30% of sales in July, up from 27% in June and 29% in July 2022. NAR’s 2022 Profile of Home Buyers and Sellers – released in November 20224 – found that the annual share of first-time buyers was 26%, the lowest since NAR began tracking the data. All-cash sales accounted for 26% of transactions in July, identical to June but up from 24% in July 2022.
- 2023 Association Profile
- International Transactions in U.S. Residential Real Estate
- Commercial Real Estate Metro Market Reports
- Local Market Reports
Instant Reactions on the Economy
- Mortgage Rates, August 31, 2023
- Mortgage Rates, August 24, 2023
- Mortgage Rates, August 17, 2023
- Mortgage Rates, August 10, 2023
- Jobs, August 4, 2023
Articles From the Economists' Outlook Blog
- August 2023 Commercial Real Estate Market Insights
- Affordability Conditions Continue to Weaken in June 2023
- Millennials Still Underperforming Amid Gains in Homeownership Rate