Sales of previously occupied U.S. homes increased in July, driven by lower mortgage rates, slowing price growth, and more available properties. Existing home sales rose 2% from June to 4.01 million units, surpassing economists’ expectations. Home prices continued to rise, but at a slower rate, with the national median price reaching $422,400 in July.

Despite the recent uptick in sales, the U.S. housing market has been struggling since 2022 due to climbing mortgage rates. Last year, sales hit a nearly 30-year low. The spring homebuying season was disappointing this year, as high mortgage rates deterred many buyers. Affordability remains a significant hurdle for potential homeowners amidst soaring prices.

Read more at Yahoo Finance: US home sales rose in July as mortgage rates eased a bit and home prices grew more slowly