The US housing market shows slight improvement after a slow period. Existing home sales rose 2% in July, with 4 million estimated sales this year, significantly lower than pre-pandemic levels. However, inventory is at its highest since 2020, offering buyers more choices and negotiation power. Prices are softening in some areas, though the national median price is $422,400. High mortgage rates (around 6.6%) and previously high prices hinder affordability. Recent rate decreases have spurred refinancing, but future rate changes remain uncertain. The 'lock-in effect' from low pandemic-era rates is easing, with more homes entering the market.

Prepared by Christopher Adams and reviewed by editorial team.