Summary
The number of homes actively for sale in July was notably higher compared with July 2023. This is the ninth consecutive month of growth as home sellers were more active, with 3.6% more homes newly listed than compared with last July. In addition, homes spent 50 days on the market, the most since July 2020.
Report
Here are some of the key findings from realtor.com’s July housing data. The housing market has cooled considerably since the peak buying season. There are a number of reasons for this, including rising mortgage rates and an increase in the number of homes for sale. While the median list price nationwide stayed the same as last year, homes continue to see a modest price increase per square foot.
The number of homes for sale has increased significantly compared to last year. There were 36.6% more homes actively for sale on a typical day in July compared with July 2023. This is the 9th consecutive month of annual inventory growth. This is a continued improvement from June’s 31.2% GAP as inventory continues to accumulate on the market.
Homes spend more time on the market than last year, but less than pre-pandemic levels. The typical homes spent 50 days on the market this July, five days more than July last year. The national median list price showed the first seasonal decline in July, falling to $439,950, down from $445,000 in June 2024. However, the median list price remains stable compared with July 2023, when the median home price was $440,000.
The median listing price per square foot increased by 3.1% in July compared with July 2023. The percentage of homes with price reductions increased from 15.5% in July 2023 to 18.9% this July. The total number of homes for sale, including those under contract, but not yet sold increased by 22.6% compared with last July, growing on an annual basis for the eighth month in a row and eclipsing June’s rate of 22.4%.
The housing market is slowly starting to cool down. With more homes on the market and mortgage rates rising, buyers have more negotiating power. If you are considering buying a home, now may be a good time to compare prices.
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