On a national level...July existing home sales declined 0.7% to a 5.34 mln unit selling rate, weaker than expected and the slowest pace of sales since February 2016. The June selling rate was unrevised from the originally reported annual selling rate of 5.38 mln units. Single family sales were down 0.2%, while condo and co-op sales fell 4.8%. YoY, overall home sales are down 1.5%, with single family sales down 1.2% and condo-coop sales down 3.3%. The July existing homes sales run rate of 5.34 mln unit rate is 3.6% below the 2017 average selling rate of 5.54 mln; sales averaged 5.4 mln in 2016. Existing home sales have tended to be erratic, but have also trended higher for most of this cycle before stalling in the second half of 2017. 2017 was an especially volatile year, with the selling rate ranging from a low of 5.37 mln to a high of 5.72 mln. For a while now, the biggest impediment to a faster existing home sales rate has appeared to be limited inventories. However, you could also argue that the rising prices and consequential affordability issues have made the housing market less compelling. Along with demographics, rising prices and affordability have also encouraged sales in the middle price ranges and discouraging sales in the upper price ranges.
While locally in Marin, the July median price for a home was nearly 15 percent higher than the median price in July, 2017, and the amount of homes and condos for sale last month was almost 15 percent lower than the previous July. For more detailed information, please click here.