According to a report from the National Association of Realtors (NAR), existing home sales saw a 2% spike on a seasonally adjusted annual rate from June to July. The report additionally mentioned that sales did not show any declines in any of the regions. Of the four major U.S. regions, three recorded “modest” month-over-month gains, and the fourth remained the same.
“We see inventory beginning to tick up, which will lessen the intensity of multiple offers,” said NAR Chief Economist Lawrence Yun. “Much of the home sales growth is still occurring in the upper-end markets, while the mid- to lower-tier areas aren’t seeing as much growth because there are still too few starter homes available.”
Diving into the specifics of inventory, the report found that total housing inventory at the end of July totaled 1.32 million units — a 7.3% increase from June’s supply.
“Although we shouldn’t expect to see home prices drop in the coming months, there is a chance that they will level off as inventory continues to gradually improve,” said Yun.