United States Existing Home Sales

Existing home sales in the US rose by 1.3% from the previous month to a seasonally adjusted annualized rate of 3.95 million in July of 2024, rebounding from the 19-month high decline of 5.4% in the previous month, and in line with market expectations. It halted a streak of four consecutive months of lower sales, aided by lower borrowing costs as expectations of a dovish Fed pressured mortgage rates. Consequently, the median existing-home sales price rose by 4.2% from the corresponding period of the previous year to $422,600. Inventory of unsold housing increased by 0.8% from the prior month to 1.33 million in the period, the equivalent of 4 months' supply at the current sales pace. "Despite the modest gain, home sales are still sluggish," said NAR Chief Economist Lawrence Yun. "But consumers are definitely seeing more choices, and affordability is improving due to lower interest rates."