Better mortgage rates helped boost home sales—the rate on a 30-year mortgage fell to 6.46% this week (the lowest rate in 15 months)|Cathy|CC BY-NC 2.0

The National Association of Realtors announced yesterday that July home sales for previously owned properties in the US increased 1.3% to a seasonally adjusted annual rate of 3.95 million, ending a four-month decline.

Despite the increase, sales remain at their lowest July level since 2010, with annual sales down 2.5%.

Better mortgage rates helped boost home sales—the rate on a 30-year mortgage fell to 6.46% this week (the lowest rate in 15 months). A year ago, the rate averaged 7.23%. But high prices have made home-buying unaffordable for many.

The median price for existing homes in July was $422,600, a 4.2% rise from the previous year.

Inventory levels improved slightly, with 1.33 million homes available or under contract, up 19.8% from July 2023, but several buyers still find prices too high.