Existing home sales in the US unexpectedly rose 2% in July to 4.01 million units, defying analyst predictions of a decline. This increase follows a decrease in mortgage rates in May and June. While inventory is up 15.7% year-over-year, reaching a 4.6-month supply, it remains below pre-pandemic levels. The median home price hit a record high for July at $422,400, though price growth is slowing, suggesting a potential market shift. Increased housing affordability and buyer choices are contributing factors.

Prepared by Christopher Adams and reviewed by editorial team.