Total active home listings grew 30% year over year in July, raising the single-family home monthly inventory—the estimated number of months until the current housing inventory is exhausted—to 2.5 months, the highest level in two years, according to HAR.
While year-over-year median single-family home value rose 12.7%, the median price in July, $348,740, fell from its $355,000 height in June, according to the HAR.
“With strong economic headwinds facing consumers right now, it comes as no surprise that home sales fell in June and may remain below record levels for a while as the market normalizes,” HAR Chair Jennifer Wauhob said in a statement.
Townhomes and condominiums also closed the month out on a year-over-year decline from 836 to 656 sales, a 21.53% reduction.
“As long as we continue to see inventory grow and prices level off, I believe homebuyers will move off the sidelines and back into the marketplace,” Wauhob said.
