Existing U.S. home sales up 1.3% in July, ending a four-month decline

Aug. 22 (UPI) -- U.S. existing home sales in July broke a four-month downturn as sales rose in three of the four major regions, according to a Thursday National Association of Realtors report.

Total existing home sales increased 1.3% to a seasonally adjusted annual rate of 3.95 million in July.

Annual sales rose in the Northeast and West but declined in the Midwest and South as year-over-year sales fell 2.5%

"Despite the modest gain, home sales are still sluggish," said NAR Chief Economist Lawrence Yun in a statement. "But consumers are definitely seeing more choices, and affordability is improving due to lower interest rates."

The median price for existing homes in July was $422,600, an increase of 4.3% from a year ago.

July mortgage rates, according to Freddie Mac , averaged 6.49% as of Aug. 15.

In July 27% of existing home sales were all-cash transactions.

First-time buyers made up 29% of July existing home sales.

By region, sales were up 4.3% in July in the Northeast, where the median home price was $505,100.

The West saw existing home sales up by 1.4% for the month with the median price at $629,500.

In the Midwest sales of existing homes in July was unchanged. The annual rate was down 5.2% and the median price was $321,300.

Home sales in the South were up 1.1% from June. Median price in the South was $372,500, an increase of 2.3% from a year ago.