The inventory of existing homes for sale rose while prices eased somewhat from their record-highs in July, suggesting some relief may be in store for prospective buyers gripped by months of surging prices. Total housing inventory rose 7.3 percent over-the-month in July, according to the National Association of Realtors (NAR). At 1.32 million units, this is equivalent to around 2.6 months at the current monthly sales pace. At the same time, the median price of an existing home retreated slightly to $359,900 in July from $363,300 in June. While the dip is encouraging to buyers facing sticker shock, the July price was up 17.8 percent from a year ago and marked the 113th straight month of year-over-year increases. “We see inventory beginning to tick up, which will lessen the intensity of multiple offers,” Lawrence Yun, NAR’s chief economist, said in a statement. “Although we shouldn’t expect to see home prices drop in …
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