Home Sales Data Shows the Housing Market is Normalizing

Source: National Mortgage News

The housing market is finally starting to normalize as home sales declined by a double-digit percentage while inventory similarly rose between June and July, according to data from Remax.

The month-to-month 16.6% decline in home sales was also the first since January, Remax found. Sales were down 26.3% from July 2021. The data covers 53 markets using multiple listing service data.

Meanwhile, the for-sale inventory rose for the fourth consecutive month, with 13.3% more homes for sale in July than in June and 30.4% more than a year ago.