Existing-home sales in the United States fell in July by 1.7% from the previous month to an annualized rate of 4.06 million, the National Association of Realtors (NAR) reported on Tuesday. The figure had been expected at 4.05 million. Compared with a year earlier, sales rose 0.7%. The median sale price increased over the year by 2.0% to $434.1 thousand
“Home sales remained surprisingly stable, even as mortgage rates have risen in recent months,” said NAR Chief Economist Lawrence Yun. “Since the beginning of the year, sales are up 2.4%, and there is no doubt the housing market would be thriving if average mortgage rates returned to around 6%.” “While nationwide data show stabilization, there are noticeable differences in local markets,” Yun said.