U.S. existing-home sales declined 2.4% from the previous month to a seasonally
adjusted annual rate of 4.09 million units, according to the National Association of
REALTORS® (NAR). Regionally, sales increased in the Northeast but declined in the
West, South, and Midwest. Compared to a year earlier, existing-home sales rose
2.8%, with gains in the Midwest, South, and West while remaining unchanged in the
Northeast.

*New Listings were down 9.4% to 523.
*Pending Sales increased 1.9% to 481.
*Inventory shrank 3.4% to 2,083 units.
*Median Sales Price was down 7.3% to $510,000.
*Days on Market increased 28.9% to 125 days.
*Months Supply of Inventory was down 10.0% to 4.5 months.

Nationally, the median existing-home price hit a new record of $440,600, a 1.8%
increase from a year earlier, NAR reported. Home prices have now increased on an
annual basis for 36 consecutive months, reflecting continued demand despite
inventory remaining below historically balanced levels.

Heading into July, there were 1.56 million properties for sale, down 0.6% month-over-month but up 1.3% from the same period last year, representing a 4.6-month supply at the current sales pace.
Homes spent a median of 28 days on the market, with first-time homebuyers
accounting for 33% of home purchases.