In July, the U.S. economic expansion that began in June 2009 became the longest in the nation's history, marking 121 straight months of gross domestic product growth and surpassing the 120-month expansion from 1991 to 2001. The average rate of growth during this expansion has been a milder 2.3 percent per year compared to 3.6 percent during the 1990s. Although the economy should continue to perform well for the rest of 2019, most economists see a mild recession on the horizon.
Closed Sales increased 5.2 percent for single-family homes but decreased 2.8 percent for condos. Pending Sales increased 10.3 percent for single-family homes and 18.1 percent for condos. Inventory increased 2.2 percent for single-family homes and 4.4 percent for condos.
The Median Sales Price was up 6.6 percent to $233,424 for single-family homes and 8.2 percent to $142,000 for condos. Days on Market remained flat forsingle-family homes but decreased 5.6 percent for condos. Supply increased 3.8 percent for single-family homes and 6.4 percent for condos.