Low mortgage rates spur gain in July’s existing home sales

Existing-home sales rose in July from the prior month, increasing nearly 2.5%, according to the latest report from the National Association of Realtors. NAR Chief Economist Lawrence Yun said falling mortgage rates are improving housing affordability and nudging buyers into the market. However, Yun warns that the supply of affordable housing is severely low, and the shortage of lower-priced homes have pushed up home prices.