The National Association of Realtors released a report on Thursday showing an unexpected rebound by existing home sales in the U.S. in the month of July.
The report said existing home sales jumped by 2.0 percent to an annual rate of 4.01 million in July after tumbling by 2.7 percent to an annual rate of 3.93 million in June.
The unexpected rebound came after existing home sales slumped to their lowest annual rate in nine-months in June.
The increase by existing home sales partly reflected strength in the Northeast, where existing home sales surged by 8.7 percent.
Existing home sales in the South and West also shot up by 2.2 percent and 1.4 percent, respectively, while existing home sales in the Midwest slid by 1.1 percent.
The report said the median existing home price tumbled by 2.4 percent to $422,400 in July from $432,700 in June but was still up by 0.2 percent compared to $421,400 a year ago.
Housing inventory at the end of July totaled 1.55 million units, up 0.6 percent from 1.54 million units in June and up 15.7 percent from 1.34 million units in July 2024, NAR said.
The unsold inventory represents 4.6 months of supply at the current sales pace, down from 4.7 months in June but up from and 4.0 months in the same month last year.