Sales of previously owned homes rose in July for the second straight month as high prices prompted more homeowners to put their houses on the market.
Existing-home sales rose 2% in July from the prior month to a seasonally adjusted annual rate of 5.99 million, the National Association of Realtors said Monday. July sales rose 1.5% from a year earlier.
The frenzied housing market of earlier this year is showing signs it is winding down, but the market remains competitive for buyers. The inventory of homes on the market has risen in recent months, but the supply of homes on the market remains well below demand, according to market participants.
“It is still a very swift, fast-moving market, but there is some indication that the market is less intensely heated now than before,” said Lawrence Yun, NAR’s chief economist. “There are more homes available for sale compared to one or two months ago.”
The median existing-home price rose 17.8% in July from a year earlier, NAR said, to $359,900, easing from a revised record high of $362,800 the prior month.
