Sales of existing homes rose 2 percent in July for the second straight month as high prices prompted more homeowners to put their homes on the market. Sales of existing homes rose 2 percent in July compared to June, the National Association of Realtors reported today. The white hot housing market has shown some signs it is slowing a bit but the market remains competitive for buyers.
“it is still a very swift, fast-moving market, but there is some indication that the market is less intensely heated now than before,” said Lawrence Yun, NAR’s chief economist. “There are more homes available for sale compared to one or two months ago. Many homes are still selling above listing price and receiving multiple offers. The surging home prices are pricing more first-time home buyers out of the market and this is contributing to demand for rental units, pushing up rent prices, he said.