U
S existing home sales rose 2% in July, according to the National Association of Realtors. This marks a slight thaw in the housing market, which has been characterized by brutal conditions for buyers.

    The number of homes for sale increased by almost 16%, reaching 1.55 million - the highest level since 2020. Lawrence Yun, NAR's chief economist, attributes this to wage growth outpacing home price growth and more choices for buyers.

    After months of declining sales, July's data shows a pick-up in activity. However, concerns remain about the dwindling number of first-time home buyers. Rosenberg Research predicts that the drop in housing activity will lead to lower home prices and reduced inflation.

    For now, record-high prices are being countered by rising inventory, slowing price growth, and giving buyers an opportunity to enter the market. Yun notes that "homebuyers are in the best position in more than five years" to find a suitable home and negotiate a better price.