by Calculated Risk on 8/21/2025 10:00:00 AM
From the NAR: NAR Existing-Home Sales Report Shows 2.0% Increase in July
Existing-home sales increased by 2.0% in July, according to the National Association of REALTORS® Existing-Home Sales Report. …
Month-over-month sales increased in the Northeast, South, and West, and fell in the Midwest. Year-over-year, sales rose in the South, Northeast, and Midwest, and fell in the West. …
• 2.0% increase in existing-home sales – seasonally adjusted annual rate of 4.01 million in July.
• Year-over-year: 0.8% increase in existing-home sales
• 0.6% increase in unsold inventory – 1.55 million units equal to 4.6 months’ supply.
emphasis added
Click on graph for larger image.
This graph shows existing home sales, on a Seasonally Adjusted Annual Rate (SAAR) basis since 1994.
Sales in July (4.01 million SAAR) were up 2.0% from the previous month and were up 0.8% compared to the July 2024 sales rate.
According to the NAR, inventory increased to 1.55 million in July from 1.54 million the previous month.
The last graph shows the year-over-year (YoY) change in reported existing home inventory and months-of-supply. Since inventory is not seasonally adjusted, it really helps to look at the YoY change. Note: Months-of-supply is based on the seasonally adjusted sales and not seasonally adjusted inventory.
Inventory was up 15.7% year-over-year (blue) in July compared to July 2024.
Months of supply (red) decreased to 4.6 months in July from 4.7 months the previous month.
I’ll have more later.
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