Existing Home Sales Beat Expectations, Rise by 1.3 Percent in July

Lower mortgage rates have improved affordability, attracting buyers to the market.

A 'for sale' sign is displayed in front of a home in Miami on Feb. 23, 2023. Joe Raedle/Getty Images

Existing home sales slightly surpassed forecasts last month, encouraging sellers to put their properties up for sale.

Existing home sales increased by 1.3 percent in July from the previous month, “breaking a streak of four consecutive monthly declines,” the National Association of Realtors said in an Aug. 22 statement.