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.
You can find the complete market reports for July 2019 here:
Closed Sales decreased 0.1 percent for existing homes and 6.8 percent for
new homes. Pending Sales increased 5.6 percent for existing homes and 6.1
percent for new homes. Inventory decreased 11.9 percent for existing homes
and 5.3 percent for new homes.
The Median Sales Price was up 9.1 percent to $215,000 for existing homes
and 8.0 percent to $384,900 for new homes. Days on Market decreased 8.8
percent for existing homes but increased 27.4 percent for new homes. Supply
decreased 12.5 percent for existing homes but increased 3.6 percent for new
During the record-setting 121-month economic expansion, the unemployment
rate has dropped from 10.0 percent in 2009 to 3.7 percent, yet many
consumers continue to struggle financially. Low mortgage interest rates have
helped offset low housing affordability, but high home prices are outpacing
median household income growth. In a move to stoke continued economic
prosperity, the Federal Reserve reduced the benchmark interest rate by a
quarter point to about 2.25 percent, marking the first reduction in more than a