Sales of previously owned homes rose in July for the second month in a row as high prices caused more homeowners to put their homes on the market.
Existing home sales rose 2% in July from the previous month to a seasonally adjusted annual rate of 5.99 million, the National Association of Realtors said Monday. July sales increased 1.5% over the previous year.
The frantic housing market earlier this year shows signs of falling, but the market remains competitive for buyers. The inventory of homes in the market has increased in recent months, but supply remains much lower than demand, according to market participants.
“It’s still a very fast-paced, fast-paced market, but there’s some indication that the market is less intensely heated than before,” said Lawrence Yun, chief economist at the NAR. “There are more houses available for sale compared to a month or two ago.”
The average price of existing housing rose 17.8% in July from the previous year, NAR said, to $ 359,900, from a revised record of $ 362,800 the previous month.