Existing home sales in Jul fell by 1.7% month‑on‑month to a seasonally adjusted annual rate (SAAR) of 4.06 mln units. On a yearly basis, sales rose by 0.7% (figure 1). The median existing‑home price increased by 2.0% from a year earlier to US$434,100.

Single‑family home sales dropped by 1.9% on a monthly basis, but rose by 0.8% on a yearly basis to a SAAR of 3.69 mln units. The median price for existing single‑family homes rose 1.9% year‑on‑year to US$440,300.

Meanwhile, existing condominium and co‑op sales remained unchanged on a monthly and yearly basis, reaching a SAAR of 370,000 units. The median condominium price rose by 2.2% year‑on‑year to US$371,800.

Total housing inventory fell by 1.9% and 0.6% on a monthly and yearly basis, respectively to 1.54 mln units. This represents 4.6 months of supply at the current sales pace.

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