Existing-home sales increased 1.3% in July to a seasonally adjusted annual rate of 3.95 million, ending a four-month sales decline that began in March, according to the National Association of Realtors.
Single-family home sales grew 1.4% in July to a seasonally adjusted annual rate of 3.57 million, down 1.4% from July 2023.
The total housing inventory at the end of July was 1.33 million units, up 0.8% from June and 19.8% from July 2023.
The median existing-home price for all housing types in July was $422,600, while the median existing single-family home price was $428,500.
"Despite the modest gain, home sales are still sluggish," NAR Chief Economist Lawrence Yun said in a statement. "But consumers are definitely seeing more choices, and affordability is improving due to lower interest rates."
Read the full NAR report here.
