Sales of previously occupied U.S. homes ended a four-month slide in July as easing mortgage rates and a pickup in properties on the market encouraged home shopp
ers.
Home prices increased on an annual basis for the 13th consecutive month. The national median sales price rose 4.2% from a year earlier to $422,600. While down slightly from the all-time high set in June, last month's median sales price was the highest on record for the month of July. Mortgage rates have been mostly easing since reaching 7.22% in early May. This month the average rate has come down to around 6.5%, its lowest level in more than a year.
All told, there were about 1.33 million unsold homes at the end of July, up 0.8% from June and 19.8% from July last year, NAR said. Homes typically stayed on the market for 24 days in July before they were sold, up from 22 days in June and 20 days in July last year. Home sales may continue to pick up in coming months if mortgage rates follow their downward trajectory, many economists expect.
Mortgage Rates Market Prices Inventory NAR Buyers Economists
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