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.

New Listings were up 9.8 percent to 302. Pending Sales increased 24.7 percent to 268, the seventh consecutive month of year-over-year gains. Inventory shrank 4.1 percent to 1,047 units.

Prices moved higher as Median Sales Price was up 3.3 percent to $187,150. Days on Market decreased 5.5 percent to 121 days. Months Supply of Inventory was down 11.1 percent to 4.8 months, indicating that demand increased relative to supply. 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 decade