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The NAR reports Existing-Home Sales rise 2.0% in July.

Six Key Highlights

• Existing-home sales rise 2.0% to a seasonally adjusted annual rate of 4.01 million.
• Sales are up 0.8% year-over-year.
• Median existing-home price for all housing types is $422,400 the 25th consecutive month of year-over-year price increases.
• Total housing inventory is down 0.6% from May and increased 15.9% from June 2024 (1.32 million).
• Supply is 4.6 months at the current monthly sales pace, down from 4.7 months in June and up from 4 months in July 2024.
• Sales are down 36.8 percent from the cycle high of 6.34 million in January of 2022.

Lawrence Yun, NAR Chief Economist Comments

“The ever-so-slight improvement in housing affordability is inching up home sales,” said NAR Chief Economist Lawrence Yun. “Wage growth is now comfortably outpacing home price growth, and buyers have more choices. Condominium sales increased in the South region, where prices had been falling for the past year.”

“Near-zero growth in home prices suggests that roughly half the country is experiencing price reductions. Overall, homeowners are doing well financially. Only 2% of sales were foreclosures or short sales – essentially a historic low. The market’s health is supported by a cumulative 49% home price appreciation for a typical American homeowner from pre-COVID July 2019 to July this year,” Dr. Yun continued.

“Homebuyers are in the best position in more than five years to find the right home and negotiate for a better price. Current inventory is at its highest since May 2020, during the COVID lockdown.”

What a total bunch of self-serving crock. If people were in a great position, there would be more sales.

Affordability is in the gutter and the economy is slowing.

Existing-Home Sales Percent Change from Year Ago

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With sales flatlining, year-over-year numbers will bounce around zero.

Existing-home sales Median Sales Price

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It males little sense to not seasonally adjust prices but that is what’s available.

Prices peak in June every year so we can expect strong declines over the next six months.

I believe the post-Covid top is in for quite some time.

The Housing Top Is Likely In, Case-Shiller Home Prices Drop Again

On July 29, 2025, I reported The Housing Top Is Likely In, Case-Shiller Home Prices Drop Again

The Case-Shiller Home Price Index declined another 0.3 percent in May.

Prices have dropped, but the Case-Shiller National index is up 52.1 percent since January 2020. The decline is barely noticeable.

Buyer Traffic Very Low

On August 18, 2025, I commented Wells Fargo Housing Market Index Remains Weak, Buyer Traffic Very Low

The use of sales incentives was 66% in August, up from 62% in July and the highest percentage in the post-Covid period.

Housing cannot gain traction as mortgage rates are still too high and prices remain out of sight.

Most Completed Home For Sale Since the Great Recession

Also note Home Builders Have the Most Completed Home For Sale Since the Great Recession

You have to go back to July 2009 to find more completed homes for sale.

Factor in rising home inventories, lags, and a slowing economy. Home price pressures are hugely negative.

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