Existing-home sales rose 2% on a seasonally adjusted annual rate from June to July, with no sales declines showing in any regions.
The inventory of unsold homes increased 7.3% to 1.32 million from June to July – equivalent to 2.6 months of the monthly sales pace.
The median existing-home sales price rose at a year-over-year pace of 17.8%.
Existing-home sales in the South rose 1.2% in July, recording an annual rate of 2,630,000, up 1.2% from the same time one year ago. The median price in the South was $305,200, a 14.4% jump from one year ago.