MNI BRIEF: US Existing Home Sales Grew 1.3% To 3.95M In July

U.S. sales of existing homes in July stopped a four-month sales decline in July and grew 1.3% to a seasonally adjusted annual rate of 3.95 million, the National Association of Realtors said Thursday, above expectations. Sales year-over-year are still down 2.5%.

The national median home price was up 4.2% over the last year to USD422,600, the 13th straight month of year-over-year price gains. The inventory of unsold existing homes rose 0.8% from the previous month to 1.33 million at the end of July, the equivalent of 4.0 months of supply.

“Despite the modest gain, home sales are still sluggish,” said Lawrence Yun, NAR chief economist. “Consumers are definitely seeing more choices, and affordability is improving due to lower interest rates.”