Gross sales of beforehand owned houses rose in July for the second straight month as excessive costs prompted extra owners to place their homes in the marketplace.
Present-home gross sales rose 2% in July from the prior month to a seasonally adjusted annual fee of 5.99 million, the Nationwide Affiliation of Realtors mentioned Monday. July gross sales rose 1.5% from a yr earlier.
The frenzied housing market of earlier this yr is displaying indicators it’s winding down, however the market stays aggressive for consumers. The stock of houses in the marketplace has risen in current months, however the provide stays properly beneath demand, in accordance with market contributors.
“It’s nonetheless a really swift, fast-moving market, however there’s some indication that the market is much less intensely heated now than earlier than,” mentioned Lawrence Yun, NAR’s chief economist. “There are extra houses obtainable on the market in comparison with one or two months in the past.”
The median existing-home value rose 17.8% in July from a yr earlier, NAR mentioned, to $359,900, easing from a revised file $362,800 the prior month.