By Keith Griffith | Realtor
Sales of previously owned homes saw a modest bump in July, breathing life into a housing market that has struggled under the weight of affordability challenges.
Existing-homes sales, which account for the vast majority of residential real estate transactions, increased 2% last month from June‘s seasonally adjusted annual rate of 4.01 million, the National Association of Realtorsreported Thursday. The July figure was up 0.8% from a year earlier.
The median sales price of existing homes was little changed from last year at $422,400, up just 0.2% on an annual basis and the slowest year-over-year price growth since early 2023.
