Homebuyers had more options in July and appear to be taking advantage, as U.S. existing-home sales rose 2% from June, according to the National Association of Realtors. Sales were up 0.8% compared with a year earlier.
Sales increased month-over-month in the Northeast, South and West, while slipping in the Midwest, the group said.
“The ever-so-slight improvement in housing affordability is inching up home sales,” said Lawrence Yun, NAR’s chief economist.
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Total housing inventory grew to 1.55 million units, a 0.6% increase from June and up 15.7% from July 2024, reaching its highest level since May 2020. The added supply is giving buyers more choices and bargaining power in a market where home prices remain elevated.
“Homebuyers are in the best position in more than five years to find the right home and negotiate for a better price,” Yun said.
The median existing-home price was $422,400 in July, a 0.2% increase from a year ago and the 25th consecutive month of annual price gains, according to NAR.
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