San Francisco

U.S. existing-home sales were virtually unchanged from the previous month, dipping just 0.2% to a seasonally adjusted annual rate of 4.0 million units, according to the National Association of REALTORS® (NAR). Most of these transactions went under contract in June and July, when mortgage rates were 40 to 50 basis points higher than current levels. Year-over-year, sales increased 1.8%, with the strongest activity occurring in the Midwest, where the typical home price is 22% below the national median.

New Listings were down 11.3 percent for single family homes and 5.8 percent for Condo/TIC/Coop properties. Pending Sales increased 33.7 percent for single family homes and 83.9 percent for Condo/TIC/Coop properties.

The Median Sales Price was up 7.8 percent to $1,735,000 for single family homes but decreased 1.8 percent to $1,100,000 for Condo/TIC/Coop properties. Months Supply of Inventory decreased 37.5 percent for single family units and 36.5 percent for Condo/TIC/Coop units.

Nationally, housing inventory declined for the first time this year, slipping 1.3% month-over-month to 1.53 million units, representing a 4.6-month supply at the current sales pace, according to NAR. Despite the monthly drop, total inventory remained 11.7% higher than the same time last year. Meanwhile, the median existing-home price rose 2% year-over-year to $422,600, though it was essentially flat compared to the prior month.