Home Sales Rise 3.8% While Prices Dip, Inventory Grows

July home sales rebounded 3.8% from June while the median sales price dropped for the first time this year across the 51 metro areas surveyed. The median price of $425,000 was $5,000 – or 1.2% – lower than June’s. Compared to one year ago, July home sales were up 6.7% and the median sales price increased 3.7%.

Inventory, meanwhile, was up 1.8% over June and 36.7% year over year. This happened despite a 9.4% decline in new listings from June, though new listings were up 7.1% from July 2023.

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