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Sales of previously occupied U.S. homes ended a four-month slide in July as easing mortgage rates and a pickup in properties on the market encouraged home shoppers.
Existing home sales rose 1.3% last month from June to a seasonally adjusted annual rate of 3.95 million, the National Association of Realtors® said Thursday.
Sales fell 2.5% compared with July last year.
Home prices increased on an annual basis for the 13th consecutive month. The national median sales price rose 4.2% from a year earlier to $422,600.
"Despite the modest gain, home sales are still sluggish," said Lawrence Yun, the NAR’s chief economist. "But consumers are definitely seeing more choices, and affordability is improving due to lower interest rates."
Homes typically stayed on the market for 24 days in July before they were sold, up from 22 days in June and 20 days in July last year.
And fewer homes received multiple offers. A quarter of the homes that sold last month were bought for more than their original list price, down from 35% in July last year.
"So, we still have lingering multiple offers, but not as intense as it was one year ago," Yun said.