(NAR) Existing home sales in the US recorded a 2% jump from June to July, with the annual rate in the month reaching 5.99 million.
On a year over year basis, existing home sales rose 1.5% from 5.90 million in July 2020.
The median home price in July reached $359,900, after rising by 17.8% from July 2020, marking 113 consecutive months of yearly gains.
The Midwest, South, and West of the US recorded modest gains, with the Northeast remaining steady in July sales.
In July, house inventory was 1.32 million, up 7.3% from June, representing about 2.6 months of the sales pace in a month.
NAR’s chief economist Lawrence Yun sees further uptick in inventory that could ease the rate of multiple offers.
Yun projects that home prices may level off as inventory builds over several months, although prospective buyers are still pushing up demand.
SPDR Homebuilders ETF is down -0.56%.
