What did existing home sales look like in July 2025?
Sales of existing homes increased in July in three of four regions across the nation, and potential buyers had more to choose from as well, the National Association of Realtors ® (NAR) said in a report released today.
Existing home sales, which the NAR defines as completed transactions for properties that include single-family homes, townhomes, condominiums and co-ops, increased as much as 2% from June, the report suggested.
“The ever-so-slight improvement in housing affordability is inching up home sales,” NAR Chief Economist Lawrence Yun said in the report. “Wage growth is now comfortably outpacing home price growth, and buyers have more choices. Condominium sales increased in the South region, where prices had been falling for the past year.”
Total homes for sale at the end of July were 1.55 million units, up 0.6% from June and up 15.7% from July of last year, the NAR report said, putting more properties in front of buyers who are looking.
A slowdown in the rise of home prices also could help more buyers get into the housing market, the NAR suggested.
“Near-zero growth in home prices suggests that roughly half the country is experiencing price reductions," Yun added in the report. “Overall, homeowners are doing well financially. Only 2% of sales were foreclosures or short sales – essentially a historic low. The market's health is supported by a cumulative 49% home price appreciation for a typical American homeowner from pre-COVID July 2019 to July this year."
Which regions showed changes in pending home sales?
Three of the four regions the NAR tracks in the U.S. showed increases in sales of existing homes in July, the NAR said.
- The Northeast experienced an 8.7% increase in existing home sales from June.
- Completed transactions in the South went up 2.2% from the previous month.
- Sales of existing homes in the West rose 1.4% from June.
- In the Midwest, existing home sales slipped 1.1% from the previous month.
Spring and summer traditionally make up the bulk of the annual homebuying season for existing homes, and sales could pick up more as mortgage interest rates decline, prices stabilize and we reach the end of summer and head into fall.
Did mortgage rates show any change?
According to data from Freddie Mac, the 30-year fixed rate mortgage averaged 6.58% as of Aug. 14. That’s down from 6.63% one week ago but up from 6.49% one year ago.*
Continued reduction in mortgage interest rates will likely be a welcome sign to prospective homebuyers. A decrease in mortgage rates could also signal a continuing thaw in the housing market as we push further into the homebuying season.
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* National average rates from Freddie Mac as of Aug. 14, 2025, are not advertised rates from Guaranteed Rate Affinity.
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