While inventory disappeared faster than a popsicle in July, slightly fewer (0.8 percent) homes sold, according to the August RE/MAX National Housing Report. The report analyzes real estate data in 54 metro areas across the U.S.
It's not unusual to see a dip in sales in July.
"This summertime slowdown is a national trend that we sometimes see this time of year, even though this month's decrease was razor thin," said Adam Contos, RE/MAX Co-CEO.
Here's what you need to know about July's transactions.
1. Sales prices rose with temperatures.
Up 7.4 percent from July 2016, the Median Sales Price for all 54 metro areas was $239,950. That's the highest price for July in the nine-year history of the report. Prices in seven metro areas shot up by double digit percentages, with the most impressive rates in Seattle, WA (+13.7%); Tampa, FL, (+13.5 %); Milwaukee, WI, (+11.6%) and Charlotte, NC (+11 %).
2. Homes sold at high-speed.
Homes continued to sell more quickly, with the average Days on Market for July just 45, down two days from June and eight days from July 2017. Where did homes move fastest? Omaha, NE; Seattle, WA; Denver, CO and San Francisco, CA had the lowest average Days on Market.
3. Inventory continues to be tight
Inventory dropped 14.1 percent from last year, with 46 metro areas seeing fewer, or the same number, of homes for sale. Inventory has shrunk every month since November 2008. The Months Supply of Inventory set a new July low in the report's history, hovering around 3.1 months. A supply of six months is considered balanced. "Low inventory continues to constrain the market," said Contos. "Successful buyers will have to be prepped and ready to act fast to purchase listings that, on average, are selling in record time."
For a deeper dive into what happened in July, view the infographic below:
Read the full housing report in the RE/MAX Newsroom.