U.S. home sales rose 2% in July amid higher inventory

Used home sales rose in July for the second month in a row, as high prices prompted more homeowners to put their homes on the market.

Existing home sales rose 2% in July from the previous month to a seasonally adjusted annual rate of 5.99 million, the National Association of Realtors said on Monday. July sales increased 1.5% from the previous year.

The frenzied housing market at the start of the year is showing signs of slowing, but the market remains competitive for buyers. The stock of housing on the market has increased in recent months, but supply remains well below demand, according to market participants.

“It’s still a very fast-paced and rapidly changing market, but there are indications that the market is now less intensely heated than before,” said Lawrence Yun, chief economist of NAR. “There are more houses available for sale than a month or two ago.”

The median price of existing homes rose 17.8% in July from a year ago, NAR said, to $ 359,900, down from a revised record of $ 362,800 the previous month.