July 2024- Existing home sales fell 5.4% year-over-year but Southern Adirondack REALTORS® homes for sale increased

QUEENSBURY, NY- U.S. existing home sales fell 5.4% month-over-month and 5.4% year-over-year to a seasonally adjusted annual rate of 3.69 million units, with monthly sales down in all four regions, according to the National Association of REALTORS® (NAR). Higher mortgage rates, along with rising sales prices, have kept many prospective buyers on the sidelines, despite more home choices and less competition for those homes.

New Listings were up 17.2% to 565. Pending Sales increased 20.3 % to 438. Inventory grew 19.7% to 984 units.

Prices moved higher as the Median Sales Price was up 5.0% to $399,000. Days on the Market increased 13.0% to 26 days. Months Supply of Inventory was up 20.0% to 3.0 months.

Home prices have maintained their upward trend across much of the country, even as sales slow and inventory improves. According to NAR, the national median existing-home sales price climbed 4.1% year-over-year to $426,900 as of the last measure, an all-time high. Meanwhile, total housing inventory increased 3.1% month-over-month to 1.32 million units heading into July, the highest level since 2020, for a 4.1-month supply at the current sales pace.

Residential activity in the counties of Essex, Hamilton, Saratoga, Warren, and Washington is composed of single-family properties, townhomes, and condominiums combined.  Percent changes are calculated using rounded figures.