Existing-home sales fell 2.2% in July from June to a seasonally adjusted annual rate of 4.07 million.
Existing-home sales fell 16.6% from one year ago.
The median existing-home sales price for July rose 1.9% from one year ago to $406,700.
This is the fourth time the monthly median sales prices eclipsed $400,000, joining June 2023 ($410,000), June 2022 ($413,800) and May 2022 ($408,600).
First-time buyers were responsible for 30% of sales in July, up from 27% in June and 29% in July 2022.
“Two factors are driving current sales activity—inventory availability and mortgage rates,” said Lawrence Yun, NAR’s chief economist. “Unfortunately, both have been unfavorable to buyers.”
The Right Facts will continue to monitor home sales.