U.S. home sales increased in July as mortgage rates eased slightly, encouraging more buyers to enter the market. The National Association of Realtors reported that existing-home sales rose 2% from the previous month, reaching a seasonally adjusted annual rate of 5.99 million units. Although mortgage rates were lower than in June, they remained higher than last year, tempering some buyers’ enthusiasm and keeping the overall housing market competitive.
Additionally, home prices continued to rise, but at a slower pace than in recent months. The median price for an existing home climbed to $359,900, up 17.8% from the previous year, but marking a modest slowdown compared to earlier in 2021. Real estate experts believe the combination of slightly improved affordability and easing price growth could help balance the market as more potential sellers consider listing their homes.
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