Existing home sales increased 2.5% in July, growing to a seasonally adjusted annual rate of 5.42 million, the National Association of Realtors (NAR) reports.

The rate is up 0.6% year-over-year, and NAR cited improving housing affordability due to falling mortgage rates as the cause of the month’s sales boost.

Regionally, July existing home sales fell 2.9% in the Northeast, but increased 1.6%, 1.8% and 8.3% in the Midwest, South and West, respectively.

The median existing home price in July was $280,800, a 4.3% increase compared with July 2018.

The full NAR report can be found here.