U.S. Home Sales Rose 2% in July Amid Higher Inventory
The U.S. housing market remained strong in July, with sales of previously owned homes rising at a faster pace than the prior month as high prices prompted owners to put more properties on the market.
Sales rose 2% in July from the prior month to a seasonally adjusted annual rate of 5.99 million, up from a revised 1.6% gain in June, the National Association of Realtors said Monday. July sales were up 1.5% from a year earlier.
Still, the chaotic market is showing signs of calming down—especially for higher-priced homes—with prices easing slightly and the inventory of homes for sale increasing last month.
But the market remains more competitive at lower price tiers, frustrating first-time buyers and pricing some shoppers out of the market.
“It is still a very swift, fast-moving market, but there is some indication that the market is less intensely heated now than before,” said Lawrence Yun, NAR’s chief economist.
