Housing Supply Overview
U.S. sales of new single-family homes declined 0.6% month-over-month and 8.2% year-over-year to a seasonally adjusted annual rate of 652,000 units, according to the U.S. Census Bureau. The median sales price of a new home fell 5.9% from a year earlier to $403,800. Meanwhile, housing inventory increased 7.3% year-over-year to 499,000 units, representing a 9.2-month supply at the current sales pace. For the 12-month period spanning September 2024 through August 2025, Pending Sales in the Western Upstate Association of REALTORS® region increased 1.7 percent overall. The price range with the largest pending sales gain was the $750,001 to $1,000,000 range, where sales increased 17.8 percent.
The overall Median Sales Price were up 3.3 percent to $310,000. The property type with the largest gain was the Single-Family Homes segment, where prices were up 3.1 percent to $317,000. The price range
that tended to sell the quickest was the $150,000 and Below range at 53 days. The price range that tended to sell the slowest was the $1,000,001 and Above range at 92 days.
Market-wide, inventory levels went up 39.0 percent. The property type with the largest gain was the Single-Family Homes segment, where the number of properties for sale improved 39.3 percent. That amounts to 4.8 months of inventory for Single-Family Homes and 5.4 months of inventory for Condos.
Monthly Indicators
U.S. existing-home sales rose 2.0% month-over-month and 0.8% year-over-year to a seasonally adjusted annual rate of 4.01 million units, according to the National Association of REALTORS® (NAR). Economists polled by Reuters had forecast a rate of 3.92 million units. Regionally, sales increased on a monthly basis in the West, South, and Northeast, but declined in the Midwest.
New Listings were up 2.8 percent to 822. Pending Sales decreased 27.0 percent to 395. Inventory grew 39.0 percent to 2,425 units.
Prices moved lower as Median Sales Price was down 0.3 percent to $310,450. Days on Market increased 4.7 percent to 67 days, the ninth consecutive month of year-over-year gains. Months Supply of Inventory was up 37.1 percent to 4.8 months, indicating that supply increased relative to demand.
Nationally, 1.55 million units were listed for sale heading into August, up 0.6% from the previous month and 15.7% higher than the same time last year, representing a 4.6-month supply at the current sales pace, according to NAR. Inventory is now at its highest level since May 2020, a shift that has helped slow price growth in many markets. As a result, the national median existing-home sales price edged up just 0.2% year-over-year to $422,400.
To view these, and previous, market reports click here.