The National Association of Realtors is reporting that existing home sales were up 1.3% in July to a seasonally-adjusted annual rate of 3.95 million – down 2.5% year over year.  Total housing inventory at the end of July was 1.33 million units, up 0.8% from June and up 19.8% from one year ago.  Unsold inventory sits at a 4-month supply at the current sales rate with properties remaining on the market for around 24 days.  The median existing-home price for all housing types in July was $422,600.  However, the NAR says affordability is improving, but sales are still sluggish;

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