Home prices drop as inventory reaches five-year high in July - UPI.com

The nation had 1.55 million homes for sale at July's end, which is 15.7% more than a year earlier, and that is easing the cost for buying existing homes,ales rose in June for the third straight month. File Photo by Alexis C. Glenn/UPI | License Photo

Aug. 21 (UPI) -- U.S. existing housing inventory has climbed to its highest level since the pandemic, helping push prices down even as July sales ticked upward.

The nation had 1.55 million homes for sale at July's end, which is 15.7% more than a year earlier, and that is easing the cost for buying existing homes, CNBC reported on Thursday.

The available inventory is the highest reported since May 2020 and represents a 4.6-month supply after the nation's unsold inventory rose by 0.6% in July, according to the National Association of Realtors.

"The ever-so-slight improvement in housing affordability is inching up home sales," said the board's chief economist Lawrence Yun.