Overview

• Sales declined 0.6% to a 652,000 annualized pace in July, while June was revised up to 656,000.
• Transactions were 8.2% lower than a year earlier, underscoring a softer market than in mid-2024.
• The median price fell to $403,800, down 5.9% year over year, and the average price dropped to $487,300.
• Inventory totaled 499,000 homes, equal to 9.2 months of supply at the current sales pace, with builders leaning on incentives and discounts.
• The July figures reflect mortgage rates above roughly 6.75%, and they arrived stronger than the 630,000 consensus forecast even before a recent dip toward about 6.5%.