Existing home sales rose 1.3% last month from June to a seasonally adjusted annual rate of 3.95 million, the National Association of Realtors said Thursday
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 shoppers.
Home prices increased on an annual basis for the 13th consecutive month. The national median sales price rose 4.2 per cent 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 per cent in early May. This month, the average rate for a 30-year home loan has made its biggest downshift in more than a year, hovering around 6.5 per cent. This week, the rate eased to its lowest level in 15 months.
All told, there were about 1.33 million unsold homes at the end of July, up 0.8 per cent from June and 19.8 per cent 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.
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