Home sales continued their recovery in July, up roughly 4% versus June and 11% from March’s low point after four straight monthly increases…

… but still below long-term averages - with overall sales activity struggling since the pandemic.

While positive, higher sales will need to chew through existing inventory before having a material impact on prices…

… which remain under pressure…

… as the gap between new listings and sales activity highlights the persistent market imbalance in recent years.