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U.S. Existing-Home Sales Tick Up as Inventory Hits Five-Year High

Economists say lasting gains will require cheaper mortgages or further cooling in prices.

An aerial view of residential housing with solar panels on April 3, 2025, in Los Angeles, California.
Image
A "For Sale" sign stands in front of a house, on the North Shore of Long Island city of Glen Cove, New York, U.S., August 12, 2025. REUTERS/Shannon Stapleton/File Photo
FILE - Homes and properties are shown in San Francisco on Friday, July 18, 2025. (AP Photo/Jeff Chiu, File)

Overview

  • Existing-home sales rose 2.0% in July to a 4.01 million annual pace, topping forecasts and edging 0.8% above a year earlier.
  • Active listings reached 1.55 million, equal to a 4.6-month supply and the highest level since May 2020.
  • The national median price was $422,400, up 0.2% year over year, extending a 25-month streak of annual increases but signaling near-flat growth.
  • The average 30-year mortgage rate averaged about 6.72% in July, a modest decline that supported some buyer activity.
  • Cash and investor purchases increased (31% cash, 20% investors/second homes) as first-time buyers fell to 28%; month-over-month sales rose in the Northeast, South and West but slipped in the Midwest.