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Research Update

Cover of the NAR Monthly Research Update report

Each month, the Research Update report provides a summary of the data, reports, blog posts, and instant reactions produced by NAR's research team.

August 2023

Data

Existing-Home Sales

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

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 Index

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.

REALTORS® Confidence Index

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.

Reports

Instant Reactions on the Economy

Articles From the Economists' Outlook Blog

Download the full report

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