Having slipped 1.7 percent in June, the seasonally adjusted pace of existing-home sales across the U.S. ticked up 2.5 percent in July to an annual rate of 5.42 million transactions which is now 0.6 percent above its mark at the same time last year, according to the National Association of Realtors.
At the same time, the inventory of existing homes on the market across the nation dropped 1.6 percent to 1.89 million homes, which is 1.6 percent lower than at the same time last year.
And out West, the pace of existing-home sales jumped 8.3 percent in July to an annual rate of 1.18 million sales but remains 0.8 percent below its pace at the same time last year with a median sale price of $408,000, which is 3.7 percent higher versus the same time last year versus a year-over-year increase of 4.3 percent nationwide.