Every month NAR produces existing home sales, median sales price and inventory figures. The reporting of this data is based on homes sold the previous month and the data is explained in comparison to the same month a year ago. We also provide a perspective of the market relative to last month, adjusting for seasonal factors, and comment on the potential direction of the housing market.
The data below shows what our current month data looks like in comparison to the last ten Julys and how that might compare to the “ten year July average”, which is an average of the data from the past ten Julys.
- Regionally, one of the first things that sticks out is that 2005 seems to be the best year of sales and 2010 seems to be the lowest point of sales activity. The South has been the strongest region in terms of transactions and the Northeast has had the least amount of sales. The difference in sales is largely a function of population differences in the regions.
- The median price year-over-year percentage change shows the West region went through the largest fluctuation, having the highest and the lowest price growth at different points in the ten year cycle. The West experienced its worst price percentage decline in 2009 and its best price increase in 2012.
- Inventory of homes for sale in the U.S. peaked in 2007, with its lowest point seen just last year. In 2010 the U.S. had the slowest pace of homes sold relative to inventory, with months supply at 11.9. The ten year July average months supply is 7.2. In July 2014 we stand at 5.5 months supply, somewhat below a typical July.
- July’s median price is higher than the ten year July average median price for the U.S. and all four regions. Regionally, while the Northeast and the West have recently experienced lower than the ten year average sales, the Midwest and the South both showed modestly higher sales. Total homes sold in the US for July 2014 is slightly higher than the ten year average, which is a good sign for housing recovery.
View the full PPT slidedeck: July 2014 EHS Vs Ten Year Average