July Sees an Uptick in Home Sales, but Prices Begin to Cool

The summer housing market saw a slight boost in July, but key indicators—like home prices—are showing signs of slowing down.

According to the latest RE/MAX National Housing Report, (RE/MAX NATIONAL HOUSING REPORT) home sales across 51 U.S. metro areas were up 3.8% in July compared to June. At the same time, the median sales price dropped to $425,000, a $5,000 decrease from the previous month.

Another trend to watch is the increase in housing inventory. July's inventory was up 1.8% from June and a staggering 36.7% compared to July 2023, even though new listings saw a 9.4% dip. The difference here? Inventory counts all homes currently available, including those that have lingered on the market, while new listings only account for the most recent homes hitting the market.

What Does This Mean for Fall Homebuyers?

“July’s real estate activity signals a resilient market,” said Amy Lessinger, President of RE/MAX. “Inventory is bouncing back after historic lows, giving buyers more options—even with fewer new listings.”

This increase in housing supply could offer much-needed relief for buyers who’ve been battling bidding wars over the past few years. With more homes to choose from, prospective buyers have a better chance of finding a property that suits their needs. Whether it's a cozy downsized home or a larger space for multi-generational living, buyers may be able to take their time and find the perfect fit.

An interesting stat from the RE/MAX report: Homes are staying on the market longer. In July, homes spent an average of two more days on the market compared to June and five more days than in July 2023. This extended time could give buyers more breathing room to make informed decisions.

For families, purchasing a home in late summer often coincides with back-to-school preparations. As you search for your next home, consider creating a dedicated study space that fosters creativity and helps kids stay productive throughout the school year.

Why Local Expertise Matters

No matter what the market is doing, partnering with a knowledgeable real estate professional is key. Having local expertise on your side is especially important as the market evolves and business practices continue to shift.

“As the industry adapts to these changes, homebuyers and sellers need a trusted advisor who can provide guidance,” said Lessinger.

Ready to Take the Next Step?

Whether you’re looking to buy or sell this fall, the market is changing, and it’s important to stay informed. Contact me today to get the latest insights on what’s happening in your local market and explore the best opportunities for your next move!