Existing-home sales fell 1.7% from June to a seasonally adjusted annual rate of 4.06 million in July, up 0.7% year-over-year, according to the National Association of Realtors. Sales rose month-over-month in the Northeast, held steady in the West and declined in the Midwest and South.
The median existing-home price rose 2.0% year-over-year to $434,100, marking the 37th consecutive month of annual price gains. Total housing inventory fell 1.9% from June to 1.54 million units, a 4.6-month supply, unchanged from both a month and a year ago.
NAR Chief Economist Lawrence Yun called home sales "remarkably stable" despite mortgage rates climbing in recent months. The 30-year fixed-rate mortgage averaged 6.54% in July, up from 6.49% in June but down from 6.72% a year ago, according to Freddie Mac. Yun noted that year-to-date sales are up 2.4% and said the market would thrive if average rates returned to near 6%. He added that in smaller cities, particularly in the Midwest, a $60,000 annual household income is enough to buy a median-priced home.
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