U.S. Real Estate Market: Home Sales Increase in July; Prices Drop but only Slightly

Inventory levels also rose, with a 1.8% increase from June and a significant 36.7% jump year-over-year.Photo byAlexander SinnonUnsplash

In July, U.S. home sales saw a 3.8% increase from June, while the median sales price dropped for the first time this year, falling to $425,000—a 1.2% decrease from June. Despite this decline, the median sales price was still 3.7% higher compared to July 2023, RE/MAX stated.

Inventory levels also rose, with a 1.8% increase from June and a significant 36.7% jump year-over-year, according to RE/MAX. This growth occurred even though new listings dropped by 9.4% from June, though they were up 7.1% compared to July 2023, RE/MAX added.

Regional patterns suggest that summer buying trends may have influenced the uptick in sales, with cities like Chicago seeing a 3.9% increase from June. Mike Opyd of RE/MAX Premier noted that July is traditionally a busy month as buyers seek to settle before school starts and summer vacations end.