Sales of previously owned homes in the US rose 2% in July to 4.01 million units. The median price of an existing home sold in July was $422,400, a record high. Inventory increased by 15.7% from last year. Condominium sales in the South are up. Homes priced over $1 million saw a 7.1% increase in sales.

Despite the rise in sales, the average home now takes 28 days to sell, up from 24 days the previous year. First-time buyers decreased to 28% of sales. Investors made up 20% of transactions, up from 13% the year before. The share of all-cash buyers also increased to 31%.

With mortgage rates still high, the increase in supply is likely contributing to the rise in investor transactions. The housing market may be at an inflection point as prices continue to rise annually but more inventory is becoming available. Buyers now have more choices due to the slight improvement in housing affordability.

Read more at CNBC: July home sales rise as prices approach inflection point