US Existing Home Sales Rise in July Amid Easing Mortgage Rates
US existing home sales rose in July to 4.01 million units, driven by easing mortgage rates and slower home price growth, with median price at $422,400.
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Overview
- US existing home sales saw a 2% increase in July, reaching a seasonally adjusted annual rate of 4.01 million units, indicating a positive shift in the housing market.
- This rise in sales was primarily attributed to a slight easing of mortgage rates, which made homeownership more accessible for potential buyers during the month.
- Home prices experienced slower growth, with the national median sales price reaching $422,400, marking the 25th consecutive month of decelerated price increases.
- Unsold home inventory reached 1.55 million units by July's end, up 0.6% from June and a notable 15.7% from July last year, indicating increased supply.
- The July increase in home sales, despite a 0.8% rise compared to the previous year, suggests the market is adjusting to changing interest rates and price dynamics.
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Analysis
Center-leaning sources present a neutral, data-driven overview of the US housing market. They focus on objective statistics from the National Association of Realtors, detailing sales, prices, and inventory changes without employing loaded language or emphasizing a particular narrative. The coverage balances positive trends like increased sales with ongoing challenges such as affordability.
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FAQ
The rise in existing home sales to 4.01 million units in July 2025 was primarily driven by easing mortgage rates, which made homeownership more accessible, along with slower growth in home prices.
The median sales price in July 2025 was $422,400, marking a slight increase and the highest July median price on record, continuing the 25th consecutive month of year-over-year price increases but with slower growth rates.
Housing inventory of unsold existing homes rose 0.6% from June to 1.55 million units in July, reaching the highest level in five years, which contributed to slower home price appreciation and could potentially lead to modest price declines in some areas.
In July 2025, existing-home sales increased in the Northeast, South, and West regions, while sales fell in the Midwest.
The US housing market in 2025 is expected to remain largely subdued with slow growth around 3% or less, inventory gradually increasing but still below historical averages, and a market slowly adjusting to changing interest rates and price dynamics.
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