Median home prices flattened in July, increasing only 0.4% to $222,900. This is up 4.9% from last year, continuing the summer's pattern of sustainable increases in home prices.
The pace of home sales rose 2.2% in July to a seasonally adjusted annual pace of 5.15 million homes. This is down 4.5% from the same month of the previous year; however, the portion of sales that were distressed is down to 9% from 15% last year. This means that conventional sales are likely higher than in July of last year, and this is also the first time the portion of distressed sales have been below 10% since NAR began tracking them in 2008.
The number of homes available for sale was up 5.8% from last year, with 2.37 million homes available for sale in July. That once again translated to 5.5 months of supply, keeping the market slightly in favor of sellers. With more homes on the market, buyers should have more options, though in many markets timeliness will still be a factor when putting in an offer on a home.
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