{"id":78408,"date":"2024-08-19T05:00:21","date_gmt":"2024-08-19T12:00:21","guid":{"rendered":"https:\/\/www.redfin.com\/news\/?p=78408"},"modified":"2024-08-16T13:35:48","modified_gmt":"2024-08-16T20:35:48","slug":"existing-home-sales-july-2024","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/existing-home-sales-july-2024\/","title":{"rendered":"Existing Home Sales Rose 0.6% Last Month, But Were At the Lowest July Level on Record"},"content":{"rendered":"<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><strong><i>Sales of existing homes fell 2% year over year to a seasonally adjusted annual rate of 4.1 million in July.<\/i><\/strong><\/li>\n<\/ul>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><strong><i>Pending sales were down 3% month over month and 6% year over year\u2014both of which were the biggest drops in nearly a year.<\/i><\/strong><\/li>\n<\/ul>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><strong><i>Home prices were just 0.7% below their record high\u2014one reason buyers stayed on the sidelines despite a dip in mortgage rates.<\/i><\/strong><\/li>\n<\/ul>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><strong><i>Nearly 60,000 home-purchase agreements were canceled, equal to 16% of homes that went under contract\u2014the highest percentage of any July on record.<\/i><\/strong><\/li>\n<\/ul>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><strong><i>One silver lining: The supply of homes for sale rose a record 14%. That\u2019s partly because listings are getting stale and piling up, but it means buyers have more options and room to negotiate.<\/i><\/strong><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Sales of existing homes rose 0.6% month over month in July, but fell 2% year over year\u2014to a seasonally adjusted annual rate of 4,094,991. That\u2019s the lowest July level in records dating back to 2012.<\/span><\/p>\n<p><img fetchpriority=\"high\" decoding=\"async\" class=\"alignnone wp-image-78414 size-large\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2024\/08\/existing-sales-july-for-wordpress-1024x710.png\" alt=\"\" width=\"1024\" height=\"710\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2024\/08\/existing-sales-july-for-wordpress-1024x710.png 1024w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2024\/08\/existing-sales-july-for-wordpress-300x208.png 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2024\/08\/existing-sales-july-for-wordpress-768x532.png 768w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2024\/08\/existing-sales-july-for-wordpress-1536x1065.png 1536w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2024\/08\/existing-sales-july-for-wordpress.png 1600w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/p>\n<p><span style=\"font-weight: 400;\">Pending sales\u2014a more current gauge of demand that includes both existing and newly-constructed homes\u2014fell to the lowest level of <\/span><i><span style=\"font-weight: 400;\">any <\/span><\/i><span style=\"font-weight: 400;\">month on record aside from April 2020, when the pandemic brought the housing market to a halt. They declined 2.9% from a month earlier and 5.8% from a year earlier\u2014both the biggest declines in nearly a year on a seasonally adjusted basis.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Mortgage rates dropped in July and have fallen even further in August\u2014giving house hunters more <\/span><a href=\"https:\/\/www.redfin.com\/news\/home-affordability-improves-mortgage-rates-drop\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">purchasing power<\/span><\/a><span style=\"font-weight: 400;\">\u2014but buyers have been slow to react. That\u2019s likely in part because home prices are still near their record high. The median sale price rose 4.1% year over year in July to $439,170. That\u2019s just 0.7% below the all-time high of $442,389 set the prior month.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u201cWhen rates finally dropped, buyers got excited and we saw more activity. But now that rates have fallen to the mid-6%-range, people have been waiting to see if they\u2019ll drop even more. Home prices are going up, though, so it really becomes six of one, half dozen of the other, \u201d said <\/span><a href=\"https:\/\/www.redfin.com\/real-estate-agents\/nicole-m-stewart\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Nicole Stewart<\/span><\/a><span style=\"font-weight: 400;\">, a Redfin real estate agent in Boise, ID. \u201cA lot of people are also concerned about the political climate. They can afford to buy, but have been holding off because it\u2019s unclear where the country will be in six months. Though in reality, who is in the Oval Office probably won\u2019t have much of an impact on the housing market.\u201d<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Stewart did say that she has started to see more buyers get serious in the last couple of weeks as the start of the school year has neared, and Redfin has separately reported an <\/span><a href=\"https:\/\/www.redfin.com\/news\/housing-market-update-housing-payments-pending-sales-decline\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">uptick<\/span><\/a><span style=\"font-weight: 400;\"> in touring activity.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The average interest rate on a 30-year mortgage is now <\/span><a href=\"https:\/\/www.freddiemac.com\/pmms\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">6.49%<\/span><\/a><span style=\"font-weight: 400;\">, down from a peak of 7.22% in early May. The Federal Reserve is expected to start cutting interest rates in September and continue through 2025, but markets have priced in a fairly fast pace of rate cuts already, which means homebuyers are unlikely to see a large drop in mortgage rates in the near future.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u201cWaiting around for mortgage rates to fall further isn&#8217;t a surefire strategy,\u201d said Redfin Senior Economist <\/span><a href=\"https:\/\/www.redfin.com\/news\/author\/elijah-delacampa\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Elijah de la Campa<\/span><\/a><span style=\"font-weight: 400;\">. \u201cIf you have the means to buy and have been thinking about doing so, now actually might not be a bad time. That\u2019s because mortgage rates have fallen enough to boost your purchasing power, but not enough to bring tons of buyers off of the sidelines and drive up competition.\u201d<\/span><\/p>\n<h3><span style=\"font-weight: 400;\">July 2024 Housing Market Highlights: United States<\/span><\/h3>\n<table>\n<thead>\n<tr>\n<th><\/th>\n<th><b>July 2024<\/b><\/th>\n<th><b>Month-over-month change<\/b><\/th>\n<th><b>Year-over-year change<\/b><\/th>\n<\/tr>\n<tr>\n<th><b>Median sale price<\/b><\/th>\n<th><span style=\"font-weight: 400;\">$439,170<\/span><\/th>\n<th><span style=\"font-weight: 400;\">-0.7%<\/span><\/th>\n<th><span style=\"font-weight: 400;\">4.1%<\/span><\/th>\n<\/tr>\n<tr>\n<th><b>Existing home sales, seasonally adjusted annual rate<\/b><\/th>\n<th><span style=\"font-weight: 400;\"> \u00a0 \u00a0 4,094,991<\/span><\/th>\n<th><span style=\"font-weight: 400;\">0.6%<\/span><\/th>\n<th><span style=\"font-weight: 400;\">-2%<\/span><\/th>\n<\/tr>\n<tr>\n<th><b>Pending sales, seasonally adjusted<\/b><\/th>\n<th><span style=\"font-weight: 400;\">457,272<\/span><\/th>\n<th><span style=\"font-weight: 400;\">-2.9%<\/span><\/th>\n<th><span style=\"font-weight: 400;\">-5.8%<\/span><\/th>\n<\/tr>\n<tr>\n<th><b>Homes sold, seasonally adjusted<\/b><\/th>\n<th><span style=\"font-weight: 400;\">417,066<\/span><\/th>\n<th><span style=\"font-weight: 400;\">0.2%<\/span><\/th>\n<th><span style=\"font-weight: 400;\">-1.6%<\/span><\/th>\n<\/tr>\n<tr>\n<th><b>New listings, seasonally adjusted<\/b><\/th>\n<th><span style=\"font-weight: 400;\">494,500<\/span><\/th>\n<th><span style=\"font-weight: 400;\">0.0%<\/span><\/th>\n<th><span style=\"font-weight: 400;\">2.9%<\/span><\/th>\n<\/tr>\n<tr>\n<th><b>Total homes for sale, seasonally adjusted (active listings)<\/b><\/th>\n<th><span style=\"font-weight: 400;\">1,635,395<\/span><\/th>\n<th><span style=\"font-weight: 400;\">-0.6%<\/span><\/th>\n<th><span style=\"font-weight: 400;\">13.7%<\/span><\/th>\n<\/tr>\n<tr>\n<th><b>Months of supply<\/b><\/th>\n<th><span style=\"font-weight: 400;\">2.6<\/span><\/th>\n<th><span style=\"font-weight: 400;\">-0.1<\/span><\/th>\n<th><span style=\"font-weight: 400;\">0.3<\/span><\/th>\n<\/tr>\n<tr>\n<th><b>Median days on market<\/b><\/th>\n<th><span style=\"font-weight: 400;\">34<\/span><\/th>\n<th><span style=\"font-weight: 400;\">2<\/span><\/th>\n<th><span style=\"font-weight: 400;\">5<\/span><\/th>\n<\/tr>\n<tr>\n<th><b>Share of homes sold above final list price<\/b><\/th>\n<th><span style=\"font-weight: 400;\">33.2%<\/span><\/th>\n<th><span style=\"font-weight: 400;\">-1.9 ppts<\/span><\/th>\n<th><span style=\"font-weight: 400;\">-4.9 ppts<\/span><\/th>\n<\/tr>\n<tr>\n<th><b>Average sale-to-final-list-price ratio<\/b><\/th>\n<th><span style=\"font-weight: 400;\">99.6%<\/span><\/th>\n<th><span style=\"font-weight: 400;\">-0.3 ppts<\/span><\/th>\n<th><span style=\"font-weight: 400;\">-0.5 ppts<\/span><\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>\n<p style=\"text-align: center;\"><b>Pending sales that fell out of contract, as % of overall pending sales<\/b><\/p>\n<\/td>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">15.8%<\/span><\/td>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">1.3 ppts<\/span><\/td>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">1.0 ppt<\/span><\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: center;\"><a href=\"https:\/\/fred.stlouisfed.org\/graph\/?g=1bnGA\" target=\"_blank\" rel=\"noopener\"><b>Average 30-year fixed mortgage rate<\/b><\/a><\/td>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">6.85%<\/span><\/td>\n<td style=\"text-align: center;\"><span style=\"font-weight: 400;\">-0.07 ppts<\/span><\/td>\n<td>\n<p style=\"text-align: center;\"><span style=\"font-weight: 400;\">0.01 ppts<\/span><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><i><span style=\"font-weight: 400;\">Note: Data is subject to revision<\/span><\/i><\/p>\n<h3><strong>The Good News: More Homes to Choose From, and Fewer Selling for Above-Asking Price<\/strong><\/h3>\n<p><span style=\"font-weight: 400;\">There are a few encouraging signs for homebuyers aside from the dip in mortgage rates. For one, the total supply of homes for sale (active listings) rose a record 13.7% year over year in July.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Many listings on the market are getting <\/span><a href=\"https:\/\/www.redfin.com\/news\/stale-inventory-june-2024\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">stale<\/span><\/a><span style=\"font-weight: 400;\"> as buyers grapple with high costs, which is causing supply to pile up\u2014giving some buyers room to negotiate. The typical home that went under contract in July spent 34 days on the market, up from 29 days a year earlier and the longest of any July since 2020.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">It\u2019s worth noting that active listings<\/span> <span style=\"font-weight: 400;\">did fall 0.6% from a month earlier in July\u2013the first seasonally-adjusted decline in a year. New listings were little changed from a month earlier, and while they were up 2.9% year over year, they were still at the lowest level since last July.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Another silver lining for buyers: Only one-third of homes (33.2%) sold for more than their asking price, down from 38.2% a year earlier and the lowest share of any July since 2020.<\/span><\/p>\n<h3><strong>Homebuyers Are Backing Out of Deals at a Record Rate<\/strong><\/h3>\n<p><span style=\"font-weight: 400;\">Roughly 59,000 home-purchase agreements were canceled in July, equal to 15.8% of homes that went under contract that month\u2014the highest percentage of any July on record. Redfin\u2019s records for this statistic date back to 2017.<\/span><\/p>\n<p><img decoding=\"async\" class=\"alignnone wp-image-78410\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2024\/08\/deals-falling-thru--1024x710.png\" alt=\"\" width=\"800\" height=\"555\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2024\/08\/deals-falling-thru--1024x710.png 1024w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2024\/08\/deals-falling-thru--300x208.png 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2024\/08\/deals-falling-thru--768x532.png 768w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2024\/08\/deals-falling-thru--1536x1065.png 1536w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2024\/08\/deals-falling-thru-.png 1731w\" sizes=\"(max-width: 800px) 100vw, 800px\" \/><\/p>\n<p><span style=\"font-weight: 400;\">Many house hunters are getting cold feet because housing costs remain high. Economic uncertainty is also high, with recession <\/span><a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2024-08-13\/goldman-jpmorgan-say-markets-pricing-in-higher-recession-odds\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">fears<\/span><\/a><span style=\"font-weight: 400;\"> on the rise.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Buyers in Florida and Texas were most likely to back out of deals. Housing markets across both states have <\/span><a href=\"https:\/\/www.redfin.com\/news\/housing-market-tracker-march-2024\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">slowed<\/span><\/a><span style=\"font-weight: 400;\"> considerably since the pandemic moving frenzy, with markets on Florida\u2019s West Coast cooling <\/span><a href=\"https:\/\/www.redfin.com\/news\/housing-markets-cooling-fast-florida\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">faster<\/span><\/a><span style=\"font-weight: 400;\"> than anywhere else in the nation amid rising supply and a climate-fueled <\/span><a href=\"https:\/\/www.redfin.com\/news\/home-insurance-survey-report-2024\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">insurance<\/span><\/a><span style=\"font-weight: 400;\"> crisis.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In Tampa, 1,266 home-purchase agreements <\/span><span style=\"font-weight: 400;\">were canceled in July, equal to 21.9% of homes that went under contract that month\u2014a higher share than any other major metro. Next came Fort Lauderdale (21.8%) and San Antonio (21.8%). The shares were lowest in Nassau County (5.4%), San Francisco (6.1%) and San Jose (7%).<\/span><\/p>\n<p><i><span style=\"font-weight: 400;\">Note: Homes that fell out of contract during a given month didn\u2019t necessarily go under contract the same month; for example, a home that fell out of contract in July could have gone under contract in June.<\/span><\/i><\/p>\n<h3><strong>Metro-Level Highlights: July 2024<\/strong><\/h3>\n<p><i><span style=\"font-weight: 400;\">The bullets below are based on a list of the 50 most populous U.S. metropolitan areas. Some metros may be removed from time to time to ensure data accuracy. A full metro-level data table can be found in the \u201cdownload\u201d tab of the dashboard in<\/span><\/i><i><span style=\"font-weight: 400;\"> the monthly section of the Redfin <\/span><\/i><a href=\"https:\/\/www.redfin.com\/news\/data-center\/\" target=\"_blank\" rel=\"noopener\"><i><span style=\"font-weight: 400;\">Data Center<\/span><\/i><\/a><i><span style=\"font-weight: 400;\">. <\/span><\/i><i><span style=\"font-weight: 400;\">Refer to our <\/span><\/i><a href=\"https:\/\/www.redfin.com\/news\/data-center-metrics-definitions\/\" target=\"_blank\" rel=\"noopener\"><i><span style=\"font-weight: 400;\">metrics definition page<\/span><\/i><\/a><i><span style=\"font-weight: 400;\"> for explanations of metrics used in this report. Metro-level data is not seasonally adjusted. All changes below represent year-over-year changes.<\/span><\/i><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Prices: <\/b><span style=\"font-weight: 400;\">Median sale prices rose most from a year earlier in New Brunswick, NJ (14.6%), Detroit (13.5%) and Newark, NJ (12%). They fell in just two metros\u2013Austin, TX (-2.6%) and Dallas (-1.2%)\u2014and were flat in San Antonio.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Pending sales: <\/b><span style=\"font-weight: 400;\">Pending sales rose most in San Francisco (13.5%), San Jose, CA (13.3%) and Newark (12.7%). They fell most in Houston (-22.1%), Minneapolis (-11.8%) and Atlanta (-9.8%).\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Closed home sales:<\/b><span style=\"font-weight: 400;\"> Home sales rose most in San Jose (26.7%), San Francisco (17.4.%) and Providence, RI (17.3%). They fell most in West Palm Beach, FL (-7.7%), Detroit (-5.1%) and Austin (-4.1%).<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Active listings:<\/b><span style=\"font-weight: 400;\"> Active listings rose most in Tampa, FL (51.8%), Cincinnati (49.4%) and Fort Lauderdale (49.1%). They fell in just one metro\u2014Chicago (-1.6%)\u2014and were up less than 1% in New York (0.7%) and Milwaukee (0.9%).<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>New listings: <\/b><span style=\"font-weight: 400;\">New listings rose most in Providence (20.1%), San Jose (19.2%) and Las Vegas (18.4%). They fell most in Atlanta (-15.1%), Portland, OR (-12%) and Houston (-11.1%).<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Sold above list price:<\/b><span style=\"font-weight: 400;\"> In Newark, 69% of homes sold above their final list price, the highest share among the metros Redfin analyzed. Next came San Jose (65.5%) and Nassau County, NY (60.6%). The shares were lowest in West Palm Beach (7.8%), Miami (11.4%) and Fort Lauderdale (12.2%).<\/span><\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Sales of existing homes fell 2% year over year to a seasonally adjusted annual rate of 4.1 million in July. Pending sales were down 3% month over month and 6% year over year\u2014both of which were the biggest drops in nearly a year. Home prices were just 0.7% below their record high\u2014one reason buyers stayed [&hellip;]<\/p>\n","protected":false},"author":13346,"featured_media":78206,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"default","adv-header-id-meta":"","stick-header-meta":"default","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"set","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[8,22],"tags":[32,623],"coauthors":[125],"class_list":["post-78408","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-housing-market-news","category-market-tracker","tag-housing-market-tracker","tag-national"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v24.7 (Yoast SEO v27.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Existing Home Sales Hit Lowest July Level on Record<\/title>\n<meta name=\"description\" content=\"Nearly 60,000 home purchases were canceled, equal to 16% of homes that went under contract\u2014the highest percentage of any July on record\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.redfin.com\/news\/existing-home-sales-july-2024\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Existing Home Sales Rose 0.6% Last Month, But Were At the Lowest July Level on Record\" \/>\n<meta property=\"og:description\" content=\"Nearly 60,000 home purchases were canceled, equal to 16% of homes that went under contract\u2014the highest percentage of any July on record\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.redfin.com\/news\/existing-home-sales-july-2024\/\" \/>\n<meta property=\"og:site_name\" content=\"Redfin Real Estate News\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/redfin\" \/>\n<meta property=\"article:published_time\" content=\"2024-08-19T12:00:21+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2024\/07\/PDM24_Bos_V_53-Jenney-Ln_Dedham_MA_19_RGB-scaled.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"2560\" \/>\n\t<meta property=\"og:image:height\" content=\"1690\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Lily Katz\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@redfin\" \/>\n<meta name=\"twitter:site\" content=\"@redfin\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Lily Katz\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"7 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.redfin.com/news\\\/existing-home-sales-july-2024\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.redfin.com/news\\\/existing-home-sales-july-2024\\\/\"},\"author\":{\"name\":\"Lily Katz\",\"@id\":\"https:\\\/\\\/www.redfin.com/news\\\/#\\\/schema\\\/person\\\/61b1278179ed9d76570212c0c595396f\"},\"headline\":\"Existing Home Sales Rose 0.6% Last Month, But Were At the Lowest July Level on Record\",\"datePublished\":\"2024-08-19T12:00:21+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.redfin.com/news\\\/existing-home-sales-july-2024\\\/\"},\"wordCount\":1329,\"publisher\":{\"@id\":\"https:\\\/\\\/www.redfin.com/news\\\/#organization\"},\"image\":{\"@id\":\"https:\\\/\\\/www.redfin.com/news\\\/existing-home-sales-july-2024\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.redfin.com/news\\\/wp-content\\\/uploads\\\/2024\\\/07\\\/PDM24_Bos_V_53-Jenney-Ln_Dedham_MA_19_RGB-scaled.jpg\",\"keywords\":[\"Housing Market Tracker\",\"national\"],\"articleSection\":[\"Housing Market News\",\"Monthly Market Update\"],\"inLanguage\":\"en-US\",\"copyrightYear\":\"2024\",\"copyrightHolder\":{\"@id\":\"https:\\\/\\\/www.redfin.com/news\\\/#organization\"}},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.redfin.com/news\\\/existing-home-sales-july-2024\\\/\",\"url\":\"https:\\\/\\\/www.redfin.com/news\\\/existing-home-sales-july-2024\\\/\",\"name\":\"Existing Home Sales Hit Lowest July Level on Record\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.redfin.com/news\\\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\\\/\\\/www.redfin.com/news\\\/existing-home-sales-july-2024\\\/#primaryimage\"},\"image\":{\"@id\":\"https:\\\/\\\/www.redfin.com/news\\\/existing-home-sales-july-2024\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.redfin.com/news\\\/wp-content\\\/uploads\\\/2024\\\/07\\\/PDM24_Bos_V_53-Jenney-Ln_Dedham_MA_19_RGB-scaled.jpg\",\"datePublished\":\"2024-08-19T12:00:21+00:00\",\"description\":\"Nearly 60,000 home purchases were canceled, equal to 16% of homes that went under contract\u2014the highest percentage of any July on record\",\"breadcrumb\":{\"@id\":\"https:\\\/\\\/www.redfin.com/news\\\/existing-home-sales-july-2024\\\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/www.redfin.com/news\\\/existing-home-sales-july-2024\\\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/www.redfin.com/news\\\/existing-home-sales-july-2024\\\/#primaryimage\",\"url\":\"https:\\\/\\\/www.redfin.com/news\\\/wp-content\\\/uploads\\\/2024\\\/07\\\/PDM24_Bos_V_53-Jenney-Ln_Dedham_MA_19_RGB-scaled.jpg\",\"contentUrl\":\"https:\\\/\\\/www.redfin.com/news\\\/wp-content\\\/uploads\\\/2024\\\/07\\\/PDM24_Bos_V_53-Jenney-Ln_Dedham_MA_19_RGB-scaled.jpg\",\"width\":1818,\"height\":1200},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/www.redfin.com/news\\\/existing-home-sales-july-2024\\\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\\\/\\\/www.redfin.com/news\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Existing Home Sales Rose 0.6% Last Month, But Were At the Lowest July Level on Record\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/www.redfin.com/news\\\/#website\",\"url\":\"https:\\\/\\\/www.redfin.com/news\\\/\",\"name\":\"Redfin Real Estate News\",\"description\":\"The latest real estate news and research from technology-powered residential real estate company, Redfin.\",\"publisher\":{\"@id\":\"https:\\\/\\\/www.redfin.com/news\\\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\\\/\\\/www.redfin.com/news\\\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\\\/\\\/www.redfin.com/news\\\/#organization\",\"name\":\"Redfin\",\"url\":\"https:\\\/\\\/www.redfin.com/news\\\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/www.redfin.com/news\\\/#\\\/schema\\\/logo\\\/image\\\/\",\"url\":\"https:\\\/\\\/www.redfin.com\\\/news\\\/wp-content\\\/uploads\\\/2020\\\/10\\\/Redfin-News-Logo.png\",\"contentUrl\":\"https:\\\/\\\/www.redfin.com\\\/news\\\/wp-content\\\/uploads\\\/2020\\\/10\\\/Redfin-News-Logo.png\",\"width\":1100,\"height\":235,\"caption\":\"Redfin\"},\"image\":{\"@id\":\"https:\\\/\\\/www.redfin.com/news\\\/#\\\/schema\\\/logo\\\/image\\\/\"},\"sameAs\":[\"https:\\\/\\\/www.facebook.com\\\/redfin\",\"https:\\\/\\\/x.com\\\/redfin\",\"https:\\\/\\\/www.instagram.com\\\/redfinrealestate\\\/\",\"https:\\\/\\\/www.linkedin.com\\\/company\\\/redfin\",\"https:\\\/\\\/www.pinterest.com\\\/redfin\\\/\",\"https:\\\/\\\/en.wikipedia.org\\\/wiki\\\/Redfin\"]},{\"@type\":\"Person\",\"@id\":\"https:\\\/\\\/www.redfin.com/news\\\/#\\\/schema\\\/person\\\/61b1278179ed9d76570212c0c595396f\",\"name\":\"Lily Katz\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/www.redfin.com/news\\\/wp-content\\\/uploads\\\/2023\\\/09\\\/Lily_Katz-150x150.jpg170bf170d167b138a07120b77fbb41ab\",\"url\":\"https:\\\/\\\/www.redfin.com/news\\\/wp-content\\\/uploads\\\/2023\\\/09\\\/Lily_Katz-150x150.jpg\",\"contentUrl\":\"https:\\\/\\\/www.redfin.com/news\\\/wp-content\\\/uploads\\\/2023\\\/09\\\/Lily_Katz-150x150.jpg\",\"caption\":\"Lily Katz\"},\"description\":\"As a data journalist, Lily is passionate about helping readers understand complex facets of the housing market. She is particularly interested in the issues of climate change, race and gender equality and housing affordability. Prior to working at Redfin, Lily spent four years as a reporter at Bloomberg News in New York City.\",\"url\":\"https:\\\/\\\/www.redfin.com/news\\\/author\\\/lily-katzredfin-com\\\/\"}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Existing Home Sales Hit Lowest July Level on Record","description":"Nearly 60,000 home purchases were canceled, equal to 16% of homes that went under contract\u2014the highest percentage of any July on record","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.redfin.com\/news\/existing-home-sales-july-2024\/","og_locale":"en_US","og_type":"article","og_title":"Existing Home Sales Rose 0.6% Last Month, But Were At the Lowest July Level on Record","og_description":"Nearly 60,000 home purchases were canceled, equal to 16% of homes that went under contract\u2014the highest percentage of any July on record","og_url":"https:\/\/www.redfin.com\/news\/existing-home-sales-july-2024\/","og_site_name":"Redfin Real Estate News","article_publisher":"https:\/\/www.facebook.com\/redfin","article_published_time":"2024-08-19T12:00:21+00:00","og_image":[{"width":2560,"height":1690,"url":"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2024\/07\/PDM24_Bos_V_53-Jenney-Ln_Dedham_MA_19_RGB-scaled.jpg","type":"image\/jpeg"}],"author":"Lily Katz","twitter_card":"summary_large_image","twitter_creator":"@redfin","twitter_site":"@redfin","twitter_misc":{"Written by":"Lily Katz","Est. reading time":"7 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.redfin.com\/news\/existing-home-sales-july-2024\/#article","isPartOf":{"@id":"https:\/\/www.redfin.com\/news\/existing-home-sales-july-2024\/"},"author":{"name":"Lily Katz","@id":"https:\/\/www.redfin.com\/news\/#\/schema\/person\/61b1278179ed9d76570212c0c595396f"},"headline":"Existing Home Sales Rose 0.6% Last Month, But Were At the Lowest July Level on Record","datePublished":"2024-08-19T12:00:21+00:00","mainEntityOfPage":{"@id":"https:\/\/www.redfin.com\/news\/existing-home-sales-july-2024\/"},"wordCount":1329,"publisher":{"@id":"https:\/\/www.redfin.com\/news\/#organization"},"image":{"@id":"https:\/\/www.redfin.com\/news\/existing-home-sales-july-2024\/#primaryimage"},"thumbnailUrl":"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2024\/07\/PDM24_Bos_V_53-Jenney-Ln_Dedham_MA_19_RGB-scaled.jpg","keywords":["Housing Market Tracker","national"],"articleSection":["Housing Market News","Monthly Market Update"],"inLanguage":"en-US","copyrightYear":"2024","copyrightHolder":{"@id":"https:\/\/www.redfin.com\/news\/#organization"}},{"@type":"WebPage","@id":"https:\/\/www.redfin.com\/news\/existing-home-sales-july-2024\/","url":"https:\/\/www.redfin.com\/news\/existing-home-sales-july-2024\/","name":"Existing Home Sales Hit Lowest July Level on Record","isPartOf":{"@id":"https:\/\/www.redfin.com\/news\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.redfin.com\/news\/existing-home-sales-july-2024\/#primaryimage"},"image":{"@id":"https:\/\/www.redfin.com\/news\/existing-home-sales-july-2024\/#primaryimage"},"thumbnailUrl":"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2024\/07\/PDM24_Bos_V_53-Jenney-Ln_Dedham_MA_19_RGB-scaled.jpg","datePublished":"2024-08-19T12:00:21+00:00","description":"Nearly 60,000 home purchases were canceled, equal to 16% of homes that went under contract\u2014the highest percentage of any July on record","breadcrumb":{"@id":"https:\/\/www.redfin.com\/news\/existing-home-sales-july-2024\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.redfin.com\/news\/existing-home-sales-july-2024\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.redfin.com\/news\/existing-home-sales-july-2024\/#primaryimage","url":"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2024\/07\/PDM24_Bos_V_53-Jenney-Ln_Dedham_MA_19_RGB-scaled.jpg","contentUrl":"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2024\/07\/PDM24_Bos_V_53-Jenney-Ln_Dedham_MA_19_RGB-scaled.jpg","width":1818,"height":1200},{"@type":"BreadcrumbList","@id":"https:\/\/www.redfin.com\/news\/existing-home-sales-july-2024\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.redfin.com\/news\/"},{"@type":"ListItem","position":2,"name":"Existing Home Sales Rose 0.6% Last Month, But Were At the Lowest July Level on Record"}]},{"@type":"WebSite","@id":"https:\/\/www.redfin.com\/news\/#website","url":"https:\/\/www.redfin.com\/news\/","name":"Redfin Real Estate News","description":"The latest real estate news and research from technology-powered residential real estate company, Redfin.","publisher":{"@id":"https:\/\/www.redfin.com\/news\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.redfin.com\/news\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/www.redfin.com\/news\/#organization","name":"Redfin","url":"https:\/\/www.redfin.com\/news\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.redfin.com\/news\/#\/schema\/logo\/image\/","url":"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2020\/10\/Redfin-News-Logo.png","contentUrl":"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2020\/10\/Redfin-News-Logo.png","width":1100,"height":235,"caption":"Redfin"},"image":{"@id":"https:\/\/www.redfin.com\/news\/#\/schema\/logo\/image\/"},"sameAs":["https:\/\/www.facebook.com\/redfin","https:\/\/x.com\/redfin","https:\/\/www.instagram.com\/redfinrealestate\/","https:\/\/www.linkedin.com\/company\/redfin","https:\/\/www.pinterest.com\/redfin\/","https:\/\/en.wikipedia.org\/wiki\/Redfin"]},{"@type":"Person","@id":"https:\/\/www.redfin.com\/news\/#\/schema\/person\/61b1278179ed9d76570212c0c595396f","name":"Lily Katz","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/09\/Lily_Katz-150x150.jpg170bf170d167b138a07120b77fbb41ab","url":"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/09\/Lily_Katz-150x150.jpg","contentUrl":"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/09\/Lily_Katz-150x150.jpg","caption":"Lily Katz"},"description":"As a data journalist, Lily is passionate about helping readers understand complex facets of the housing market. She is particularly interested in the issues of climate change, race and gender equality and housing affordability. Prior to working at Redfin, Lily spent four years as a reporter at Bloomberg News in New York City.","url":"https:\/\/www.redfin.com\/news\/author\/lily-katzredfin-com\/"}]}},"_links":{"self":[{"href":"https:\/\/www.redfin.com\/news\/wp-json\/wp\/v2\/posts\/78408","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.redfin.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.redfin.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.redfin.com\/news\/wp-json\/wp\/v2\/users\/13346"}],"replies":[{"embeddable":true,"href":"https:\/\/www.redfin.com\/news\/wp-json\/wp\/v2\/comments?post=78408"}],"version-history":[{"count":0,"href":"https:\/\/www.redfin.com\/news\/wp-json\/wp\/v2\/posts\/78408\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.redfin.com\/news\/wp-json\/wp\/v2\/media\/78206"}],"wp:attachment":[{"href":"https:\/\/www.redfin.com\/news\/wp-json\/wp\/v2\/media?parent=78408"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.redfin.com\/news\/wp-json\/wp\/v2\/categories?post=78408"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.redfin.com\/news\/wp-json\/wp\/v2\/tags?post=78408"},{"taxonomy":"author","embeddable":true,"href":"https:\/\/www.redfin.com\/news\/wp-json\/wp\/v2\/coauthors?post=78408"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}