Housing Supply Overview
U.S. new-home sales increased 0.6% month-over-month to a seasonally adjusted annual rate of 627,000 units, according to the U.S. Census Bureau. Despite the monthly gain, sales were down 6.6% from the same period last year. The median sales price for new homes fell 4.9% from the previous month to $401,800 and was 2.9% lower than a year earlier. There were 511,000 new homes available for sale heading into July, equivalent to a 9.8-month supply at the current sales pace. For the 12 month period spanning August 2024 through July 2025, Pending Sales in the Western Upstate Association of REALTORS® region improved 1.6 percent overall. The price range with the largest pending sales gain was the $750,001 to $1,000,000 range, where sales rose 25.3 percent.
The overall Median Sales Price were up 3.4 percent to $310,000. The property type with the largest gain was the Condos segment, where prices went up 4.2 percent to $250,000. 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 90 days.
Market-wide, inventory levels was up 41.2 percent. The property type with the largest gain was the Single-Family Homes segment, where the number of properties for sale increased 42.8 percent. That amounts to 4.8 months of inventory for Single-Family Homes and 4.7 months of inventory for Condos.
Monthly Indicators
U.S. existing-home sales fell 2.7% from the previous month to a seasonally adjusted annual rate of 3.93 million, according to the National Association of REALTORS®(NAR). Sales were unchanged from one year earlier. Regionally, monthly sales declined in the Midwest, Northeast, and South but rose in the West. Year-over-year, sales decreased in the Northeast and West but increased in the South and Midwest.
New Listings were up 10.9 percent to 894. Pending Sales decreased 23.2 percent to 395, the eighth consecutive month of year-over-year declines. Inventory grew 41.2 percent to 2,397 units.
Prices moved higher as Median Sales Price was up 2.5 percent to $325,000. Days on Market increased 3.2 percent to 64 days. Months Supply of Inventory was up 41.2 percent to 4.8 months, indicating that supply increased relative to demand.
Nationally, the median existing-home sales price rose 2.0% year-over-year to $435,300, a new monthly high and the 24th consecutive month of annual price gains, according to NAR. Slower sales activity has contributed to rising inventory this year, with 1.53 million properties listed for sale heading into July, a 15.9% increase from the same time last year and equivalent to a 4.7-month supply at the current sales pace.
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