US existing home sales rise 1.3% in July

Home sales still sluggish, but affordability improving due to lower interest rates, says economist

By Ovunc Kutlu

ISTANBUL (AA) - US existing home sales increased 1.3% in July, according to the National Association of Realtors (NAR) on Thursday.

Existing home sales, which measure the change in the number of existing residential buildings sold, rose to a seasonally adjusted annual rate of 3.95 million in July.

The figure came in slightly higher than estimates of 3.94 million, while the June figure was revised up to 3.9 million from 3.89 for a monthly decline of 5.1%.

The median existing home sales price annually jumped 4.2% to reach $422,600 in July – the third straight month it reached an all-time high and the 13th consecutive month of year-on-year price gains, said the NAR.

"Despite the modest gain, home sales are still sluggish," NAR Chief Economist Lawrence Yun said in a statement. "But consumers are definitely seeing more choices, and affordability is improving due to lower interest rates."

On an annual basis, existing home sales also decreased 2.5%, down from 4.05 million in July 2023.

Kaynak:

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