Existing-home sales swung to positive territory in July, ending a four-month streak of declines, the National Association of REALTORS® (NAR) said.      

Specifically, sales rose 1.3% from June to a seasonally adjusted annual rate of 3.95 million. Year-over-year, sales were down 2.5% from 4.05 million in July 2023.   

The median existing-home price for all housing types in July was $422,600, up 4.2% from $405,600 a year before.          

The 30-year fixed-rate mortgage averaged 6.49% as of Aug. 15, according to Freddie Mac. That’s up from 6.47% a week before but down from 7.09% a year earlier.  

“Despite the modest gain, home sales are still sluggish,” NAR Chief Economist Lawrence Yun said in a press release. “But consumers are definitely seeing more choices, and affordability is improving due to lower interest rates.” 

By property type, single-family home sales rose 1.4% month over month to an annual rate of 3.57 million. The median existing single-family home price was $428,500, up 4.2% on a year-over-year basis.

Existing condominium and co-op sales were flat compared to June, at an annual rate of 380,000. The median existing condo price was $367,500, up 2.7% from July 2023.     

Homes typically remained on the market for 24 days in July, up from 22 days in June and 20 days in July 2023.