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Take the news as you will, but according to RE/MAX July marked the first month-over-month decline in home sales since earlier this year in April, a signal that may mark the peak has passed for the typically busy summer buying season.
In total, July home sales declined 14.7% from June 2023 and 16.1% year-over-year.
According to RE/MAX, July home sales declined due to a 9% drop in new listings month-over-month representing 26.7% fewer new listings year-over-year across the top 50-metropolitan areas surveyed. d. July inventory was up 3.1% from June, even though it still lagged 20.8% from July 2022. Tight inventory amid consistent demand continued to prop up the median sales price of $425,000. This is a marginal decline of less than 1% compared to June, while registering a 1.2% upswing in comparison to July 2022.
The report also revealed that buyers were generally getting their asking prices as the average close-to-list price stood at a rate of 100%. That was the average close-to-list ratio in June as well but was a decline from the 101% ratio recorded a year ago.
"The market is playing out like we expected it to, it's bumpy," says Nick Bailey, President and CEO of RE/MAX LLC. "The inventory situation is unique—we are seeing it differ across the country depending on what area, but demand for housing is still strong. As rates stabilize, consumers' confidence should strengthen, helping boost market activity."
Real estate agent Jeffrey Decatur of RE/MAX Capital in Latham, NY says it's important to remember that real estate is hyper local
"The market continues to keep us on our toes. Inventory levels still pose a challenge in some areas while others are shifting and appreciating. Buyers are adjusting, too, and in some cases expanding search criteria or commute times to find more options. Working with an experienced professional who understands the nuances of the local market is the best way to navigate the ever-changing market."
Other notable metrics included inventory’s months’ of supply in July stood at 1.5, up from June’s 1.3 days but below the 1.6 months recorded a year ago. The typical home sold on the market for 30 days, which was one day longer than June and 6 days longer year-over-year.
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