02:36 PM EDT, 08/22/2024 (MT Newswires) -- Home resales rebounded to a 3.95 million seasonally adjusted annual rate in July from a 3.90 million rate in June, slightly above an expected 3.94 million rate and breaking a string of four straight declines.
Sales were still down 2.5% from July 2023.
Three of the four US regions posted month-over-month sales gains in July, with sales in the Midwest region unchanged. Sales were down from a year ago in the Midwest and South regions but up in the Northeast and West regions.
"Despite the modest gain, home sales are still sluggish," said NAR Chief Economist Lawrence Yun. "But consumers are definitely seeing more choices, and affordability is improving due to lower interest rates."
Homes were on the market for 24 days on average, up from 22 days in the previous month and 20 days a year ago.
The supply of homes for sale rose only slightly to a 1.33 million level from 1.32 million in June but was up 19.8% from a year ago. Despite the large increase in supply and decline in sales, the median sales price was up 4.2% from a year ago.
Initial jobless claims increased by 4,000 to 232,000 in employment survey week ended Aug. 17, but the four-week moving average fell by 750 to 236,000, a second straight decrease.
Initial claims were at a level of 245,000 in the employment survey week ended July 13.
Insured claims rose by 4,000 to 1.863 million in the week ended Aug. 10, the lowest level since the week ended Nov. 27, 2021.
The flash manufacturing reading from S&P Global fell to 48.0 in August from 49.6 in July, an eight-month low, after regional data from the New York and Philadelphia Federal Reserve banks indicated contraction. The Kansas City Federal Reserve's manufacturing index improved to minus 3 in August from minus 13 in July.
The ISM's national manufacturing reading will be released on Sept. 3.
Released at the same time, the flash services reading from S&P Global rose to 55.2 in August from 55.0 in July, suggesting slightly faster expansion. The ISM's services reading is scheduled for release on Sept. 5.
Natural gas stocks rose by 35 billion cubic feet to 3.299 trillion cubic feet in the week ended Aug. 16, up 7.2% from a year earlier and 12.6% higher than the seasonal average for the current week over the previous five years.
The Chicago Federal Reserve's National Activity index fell to minus 0.34 in July from minus 0.09 in June. The three-month moving average held steady at minus 0.06.