Existing home sales grew 2.0% to a seasonally adjusted 5.59 million-unit rate in July from a downwardly revised 5.48 million pace the previous month, the National Association of Realtors announced Thursday.
The June rate was originally reported as up 3.2% to a 5.49 million pace.
The July rate represents a 10.3% increase from the same month a year ago, and was above the median 5.43 million unit pace predicted by economists polled by Thomson Reuters.
"The creation of jobs added at a steady clip and the prospect of higher mortgage rates and home prices down the road is encouraging more households to buy now," said NAR chief economist Lawrence Yun. "As a result, current homeowners are using their increasing housing equity towards the downpayment on their next purchase."
Sales in June were mixed in the four regions. They fell 2.8% in the Northeast, were flat in the Midwest, rose 4.1% in the South, and grew 3.2% in the West.
The median sales price was $234,000 in July, a 5.6% increase from a year ago.
Inventory levels fell 0.4% from the previous month to 2.24 million existing homes, representing a 4.8-month supply at the current pace. Inventory was down 4.7% from the July 2014 level.
