US home sales ended a 4-month slide in July amid easing mortgage rates, more homes on the market

FILE - A for sale sign is displayed in front of a home in Wheeling, Ill., on May 2, 2024. LOS ANGELES — Sales of previously occupied U.S. homes ended a four-month slide in July as easing mortgage rates and a pickup in properties on the market encouraged home shoppers.

Sales fell 2.5% compared with July last year. The latest home sales came in slightly higher than the 3.92 million pace economists were expecting, according to FactSet. “Despite the modest gain, home sales are still sluggish,” said Lawrence Yun, the NAR’s chief economist. “But consumers are definitely seeing more choices, and affordability is improving due to lower interest rates.”All told, there were about 1.33 million unsold homes at the end of July, up 0.8% from June and 19.8% from July last year, NAR said.

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