WASHINGTON (August 21, 2025) – According to the latest National Association of REALTORS® (NAR) Existing-Home Sales Report, existing-home sales saw a 2.0% increase in July. This report serves as a crucial resource for the real estate ecosystem, providing agents, homebuyers, and sellers with essential data regarding home sales, pricing, and inventory levels.
In July, month-over-month sales experienced gains in the Northeast, South, and West regions, while the Midwest saw a decline. On a year-over-year basis, home sales rose in the South, Northeast, and Midwest, but declined in the West. According to NAR Chief Economist Lawrence Yun, the slight improvement in housing affordability is gradually boosting home sales. He noted that wage growth is now significantly outpacing home price growth, allowing buyers to have more options in the market.
Interestingly, there has been an uptick in condominium sales in the South, a region where prices had been on a downward trend for the past year. The report indicates that near-zero growth in home prices suggests that approximately half of the country is experiencing price reductions, contributing to a healthier financial outlook for homeowners. Notably, only 2% of sales were foreclosures or short sales, marking a historic low for distressed properties.
Dr. Yun emphasized that the market's overall health is reflected in a cumulative 49% home price appreciation for typical American homeowners from pre-COVID July 2019 to July this year. This trend indicates that homebuyers are in the strongest position in over five years to discover their ideal homes and negotiate better prices. Moreover, current inventory levels have reached their highest point since May 2020, during the COVID lockdown.
The report highlights several key statistics for July 2025:
2.0% increase in total existing-home sales month-over-month, with a seasonally adjusted annual rate of 4.01 million. 0.8% increase in sales year-over-year. Total housing inventory stood at 1.55 million units, which is a 0.6% increase from June and a 15.7% increase from July 2024. The supply of unsold inventory is currently at 4.6 months, down from 4.7 months in June but up from 4 months in July 2024. The median existing-home price in July was $422,400, reflecting a 0.2% increase from the previous year, marking the 25th consecutive month of year-over-year price increases.In terms of specific housing types:
Sales of single-family homes increased by 2.0% to a seasonally adjusted annual rate of 3.64 million, which is a 1.1% increase from July 2024. The median home price for single-family homes reached $428,500, up 0.3% from the previous year.
Condominium and co-op sales saw a 2.8% month-over-month increase to a seasonally adjusted annual rate of 370,000 units, although there was a 2.6% decline year-over-year. The median price for condominiums was $362,600, down 1.2% from July 2024.
Here's a breakdown of existing-home sales by region:
The Northeast experienced an 8.7% increase in sales month-over-month, reaching an annual rate of 500,000. The median price rose to $509,300, reflecting a 0.8% increase from July 2024.
Sales in the Midwest decreased by 1.1% month-over-month, with an annual rate of 940,000, while year-over-year sales remained stable with a 1.1% increase. The median price rose to $333,800, up 3.9% from the previous year.
The South saw a 2.2% increase in sales month-over-month, with an annual rate of 1.85 million and a year-over-year increase of 2.2%. The median price was $367,400, down 0.6% from July 2024.
In the West, sales increased by 1.4% month-over-month to an annual rate of 720,000, but there was a 4.0% decrease year-over-year. The median price stood at $620,700, down 1.4% from July 2024.
The REALTORS® Confidence Index for July reported the following:
Median time on market for properties increased to 28 days, up from 27 days in June and 24 days in July 2024. 28% of sales were first-time homebuyers, a decline from 30% in June and 29% in July 2024. 31% of transactions were cash sales, up from 29% a month earlier and 27% in July 2024. 20% of transactions were made by individual investors or second-home buyers, increasing from 14% last month and 13% in July 2024. Distressed sales (foreclosures and short sales) constituted 2% of total sales, a slight decrease from 3% in June and an increase from 1% in July 2024.The average 30-year fixed-rate mortgage in July was reported at 6.72%, down from 6.82% in June and 6.85% a year prior.
The National Association of REALTORS® engages in various aspects of residential and commercial real estate. The term REALTOR® is a registered collective membership mark that identifies a real estate professional who is a member of the NAR and adheres to its strict Code of Ethics. For free consumer guides on navigating the homebuying and selling processes, including written buyer agreements and negotiation tips, visit facts.realtor.
For local information, please reach out to your local association of REALTORS® for data from local multiple listing services (MLS). Local MLS data remains the most accurate source of sales and price information, though reporting methodologies may vary.
Note: The NAR's Pending Home Sales Index for July will be released on August 28, and the Existing-Home Sales report for August will be available on September 23. Release times are set for 10 a.m. Eastern.
Existing-home sales encompass single-family homes, townhomes, condominiums, and co-ops, based on transaction closings from Multiple Listing Services. It's essential to note that changes in sales trends outside of MLSs are not captured in the monthly series. NAR periodically benchmarks home sales using additional sources to assess overall trends, as existing-home sales account for over 90% of total home sales.
