July Monthly Market Comparison-HAR Report
With prospective homebuyers facing record prices, rising interest rates and a limited supply of homes on the market on top of general consumer inflation, home sales were down again in July. Single-family home sales fell 17.1 percent. On a year-to-date basis, sales are 1.3 percent behind last year’s record pace.
The housing measurements for July generated mixed readings. In addition to the drop in single-family home sales, total property sales experienced declines and pending sales slid 12.5 percent. Active listings (the total number of available properties) jumped 30.0 percent but total dollar volume fell 9.0 percent to $4.1 billion.
Months of inventory grew again in July, reaching a 2.5-months supply. That is the highest level since August of 2020 when it was 2.6 months. Housing inventory nationally stands at a 3.0-months supply, according to the latest report from the National Association of Realtors (NAR). A 6.0-months supply is generally considered a “balanced market,” in which neither the buyer nor the seller has the upper hand.