Existing-Home Sales Slipped 2.2% in July

22/08/23, 14:13 Existing-Home Sales Slipped 2.
2% in July
News & Events Newsroom 
Existing-Home Sales Slipped 2.2% in

July
August 22, 2023 Media Contact: Troy Green 202-383-1042
Key Highlights
• 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
Feedback
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.
https://www.nar.realtor/newsroom/existing-home-sales-slipped-2-2-in-july 1/20
22/08/23, 14:13 Existing-Home Sales Slipped 2.2% in July
See and share this infographic.
WASHINGTON (August 22, 2023) – Existing-home

sales receded in July, according to the National
Association of Realtors®. Among the four major U.S.
regions, sales grew in the West but faded in the
Northeast, Midwest and South. All four regions
registered year-over-year sales declines.
Total existing-home sales1 – completed transactions

that include single-family homes, townhomes,
condominiums and co-ops – waned 2.2% from June
to a seasonally adjusted annual rate of 4.07 million
in July. Year-over-year, sales slumped 16.6% (down
from 4.88 million in July 2022).
“Two factors are driving current sales activity –

inventory availability and mortgage rates,” said NAR
Chief Economist Lawrence Yun. “Unfortunately, both
have been unfavorable to buyers.”
Total housing inventory2 registered at the end of

July was 1.11 million units, up 3.7% from June but
down 14.6% from one year ago (1.3 million). Unsold
inventory sits at a 3.3-month supply at the current
sales pace, up from 3.1 months in June and 3.2
months in July 2022.
The median existing-home price3 for all housing

types in July was $406,700, an increase of 1.9% from
July 2022 ($399,000). Prices rose in the Northeast,
Midwest and South but were unchanged in the
West.
“Most homeowners continue to enjoy large wealth

gains from recent years with little concern about
home price declines,” Yun said. “However, many
renters are concerned as they’re facing growing
affordability challenges because of high interest
rates.”
REALTORS® Confidence Index

According to the 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.
Individual investors or second-home buyers, who

make up many cash sales, purchased 16% of homes
in July, down from 18% in June but up from 14% one
year ago.
Distressed sales5 – foreclosures and short sales –

represented 1% of sales in July, virtually unchanged
from last month and the previous year.
Mortgage Rates
According to Freddie Mac, the 30-year fixed-rate
mortgage  averaged 7.09% as of August 17. That’s
up from 6.96% the prior week and 5.13% one year
ago.
“Retreating mortgage rates will bring more buyers

and sellers to the market and get Americans moving
again,” Yun said.
Single-family and Condo/Co-op

Sales
Single-family home sales slid to a seasonally
adjusted annual rate of 3.65 million in July, down
1.9% from 3.72 million in June and 16.3% from the
previous year. The median existing single-family
home price was $412,300 in July, up 1.6% from July
2022.
Existing condominium and co-op sales recorded a

seasonally adjusted annual rate of 420,000 units in
July, down 4.5% from June and 19.2% from one year
ago. The median existing condo price was $357,600
in July, up 4.5% from the previous year ($342,200).
Regional Breakdown
Existing-home sales in the Northeast descended
5.9% from June to an annual rate of 480,000 in July,
down 23.8% from July 2022. The median price in the
Northeast was $467,500, up 5.5% from one year ago.
In the Midwest, existing-home sales decreased by

3.0% from the prior month to an annual rate of
960,000 in July, dropping 20.0% from the previous
year. The median price in the Midwest was $304,600,
up 3.9% from July 2022.
Existing-home sales in the South retracted 2.6%

from June to an annual rate of 1.86 million in July, a
decrease of 14.3% from one year ago. The median
price in the South was $366,200, up 1.7% from July

2022.
In the West, existing-home sales increased 2.7%

from the previous month to an annual rate of
770,000 in July, down 12.5% from the prior year. The
median price in the West was $610,500, unchanged
from July 2022.
About NAR
The National Association of Realtors® is America’s
largest trade association, representing more than 1.5
million members involved in all aspects of the
residential and commercial real estate industries.
The term Realtor® is a registered collective
membership mark that identifies a real estate
professional who is a member of the National
Association of Realtors® and subscribes to its
strict Code of Ethics.
###
For local information, please contact the local

association of Realtors® for data from local multiple
listing services (MLS). Local MLS data is the most
accurate source of sales and price information in
specific areas, although there may be differences in
reporting methodology.
NOTE: NAR’s Pending Home Sales Index for July is

scheduled for release on August 30, and Existing-
Home Sales for August will be released on
September 21. Release times are 10 a.m. Eastern.
1Existing-home sales, which include single-family,

townhomes, condominiums and co-ops, are based
on transaction closings from Multiple Listing
Services. Changes in sales trends outside of MLSs
are not captured in the monthly series. NAR
benchmarks home sales periodically using other
sources to assess overall home sales trends,
including sales not reported by MLSs.
Existing-home sales, based on closings, differ from

the U.S. Census Bureau’s series on new single-family
home sales, which are based on contracts or the
acceptance of a deposit. Because of these
differences, it is not uncommon for each series to
move in different directions in the same month. In
addition, existing-home sales, which account for
more than 90% of total home sales, are based on a
much larger data sample – about 40% of multiple
listing service data each month – and typically are
not subject to large prior-month revisions.
The annual rate for a particular month represents

what the total number of actual sales for a year
would be if the relative pace for that month were
maintained for 12 consecutive months. Seasonally
adjusted annual rates are used in reporting monthly
data to factor out seasonal variations in resale
activity. For example, home sales volume is normally
higher in the summer than in the winter, primarily
because of differences in the weather and family
buying patterns. However, seasonal factors cannot
compensate for abnormal weather patterns.
Single-family data collection began monthly in 1968,

while condo data collection began quarterly in 1981;
the series were combined in 1999 when monthly
collection of condo data began. Prior to this period,
single-family homes accounted for more than nine

out of 10 purchases. Historic comparisons for total
home sales prior to 1999 are based on monthly
single-family sales, combined with the
corresponding quarterly sales rate for condos.
2 Total inventory and month’s supply data are

available back through 1999, while single-family
inventory and month’s supply are available back to
1982 (prior to 1999, single-family sales accounted for
more than 90% of transactions and condos were
measured only on a quarterly basis).
3 The median price is where half sold for more and

half sold for less; medians are more typical of market
conditions than average prices, which are skewed
higher by a relatively small share of upper-end
transactions. The only valid comparisons for median
prices are with the same period a year earlier due to
seasonality in buying patterns. Month-to-month
comparisons do not compensate for seasonal
changes, especially for the timing of family buying
patterns. Changes in the composition of sales can
distort median price data. Year-ago median and
mean prices sometimes are revised in an automated
process if additional data is received.
The national median condo/co-op price often is

higher than the median single-family home price
because condos are concentrated in higher-cost
housing markets. However, in a given area, single-
family homes typically sell for more than condos as
seen in NAR’s quarterly metro area price reports.
4 Survey results represent owner-occupants and

differ from separately reported monthly findings
from NAR’s Realtors® Confidence Index, which
include all types of buyers. The annual study only

represents primary residence purchases, and does
not include investor and vacation home buyers.
Results include both new and existing homes.
5Distressed sales (foreclosures and short sales), days

on market, first-time buyers, all-cash transactions
and investors are from a monthly survey for the
NAR’s Realtors® Confidence Index, posted at
nar.realtor.
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22/08/23, 14:13 Existing-Home Sales Slipped 2.

News & Events Newsroom 

Existing-Home Sales Slipped 2.2% in

See and share this infographic.

WASHINGTON (August 22, 2023) – Existing-home

Total existing-home sales1 – completed transactions

“Two factors are driving current sales activity –

Total housing inventory2 registered at the end of

The median existing-home price3 for all housing

“Most homeowners continue to enjoy large wealth

REALTORS® Confidence Index

First-time buyers were responsible for 30% of sales

All-cash sales accounted for 26% of transactions in

Individual investors or second-home buyers, who

Distressed sales5 – foreclosures and short sales –

“Retreating mortgage rates will bring more buyers

Single-family and Condo/Co-op

Existing condominium and co-op sales recorded a

In the Midwest, existing-home sales decreased by

Existing-home sales in the South retracted 2.6%

price in the South was $366,200, up 1.7% from July

In the West, existing-home sales increased 2.7%

For local information, please contact the local

NOTE: NAR’s Pending Home Sales Index for July is

1Existing-home sales, which include single-family,

Existing-home sales, based on closings, differ from

The annual rate for a particular month represents

Single-family data collection began monthly in 1968,

single-family homes accounted for more than nine

2 Total inventory and month’s supply data are

3 The median price is where half sold for more and

The national median condo/co-op price often is

4 Survey results represent owner-occupants and

include all types of buyers. The annual study only

5Distressed sales (foreclosures and short sales), days

Existing-Home Sales Housing

NAR Looks to Lead Fight

Real Estate Market Outlook

$1.5 Million RRF Grant for

Majority of Metro Areas Saw

NAR Announces 2024

Triple-I, NAR Release

12 Tech Startups for iOi

Lawrence Yun on the State of

Instant Reaction: Jobs, August

Katie Johnson Named American

Real Estate Market Outlook

Foreign Purchases of U.S.

NAR Economist: ‘Housing

Pending Home Sales Snapshot

Pending Home Sales Rose 0.3%

Instant Reaction: Interest Rates,

Existing-Home Sales Retreated

Good Time for Investors to

Additional Resources for Members & the Public

© 2023 National Association of REALTORS®. All Rights Reserved.

NAR's exclusive top-level domain.

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