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US existing home sales saw a 2% increase in July, reaching a seasonally adjusted annual rate of 4.01 million units. This rise is attributed to slightly lower mortgage rates, slower price growth, and a larger selection of homes available—the highest in over five years. While home prices remain high, the annual growth rate slowed to its lowest point since June 2023. Despite this positive shift, affordability challenges persist, particularly for first-time buyers. The increased supply of unsold homes, however, offers more options for potential homebuyers.

Prepared by Christopher Adams and reviewed by editorial team.