NAR sees existing-home sales rise ‘ever so slightly’ in July

Existing-home sales edged up in July, as increasing inventory and improving affordability pushed more homebuyers into the market. The sale of single-family, townhomes, condominiums, and co-ops increased 2 percent month-over-month and 0.8 percent year-over-year to a seasonally adjusted annual rate of 4.01 million. Total housing inventory jumped 0.6 percent month-over-month and 15.7 percent year-over-year to 1.55 million units, representing a 4.6 months of supply at the current sales pace—the highest level since May 2020.