Home resales slowed to a 4.06 million seasonally adjusted annual rate in July from a 4.13 million rate in June but were still up 0.7% from a 4.03 million pace a year ago.
The Midwest and South regions posted month-over-month sales declines in July, while the Northeast posted a sales gain and the West region's sales were unchanged from the previous month. Sales were up in two of the regions compared with a year earlier and were flat in the other two.
"Home sales have been remarkably stable, even amid the rising mortgage rate environment of the past few months," said NAR Chief Economist Lawrence Yun. "Year-to-date sales are up 2.4% and there's no doubt that the housing market would be thriving if average mortgage rates were to return near 6%."
Homes were on the market for 29 days on average, up from 28 days in both the previous month and a year ago.
The supply of homes for sale fell to a 1.54 million level from 1.57 million in June and was down 0.6% from a year ago. The median sales price declined from June but was up 2% from a year earlier.
The National Federation of Independent Business' monthly sentiment index rose to 99.8 in July from 97.4 in June, with gains in eight of the 10 components, particularly plans to increase hiring and capital outlays.
"Small business optimism rose again in July, with a significant increase in owners expecting to hire, accompanied by an improvement in plans to make capital expenditures," said NFIB Chief Economist Bill Dunkelberg. "Although uncertainty is currently elevated, Main Street anticipates that business conditions will continue to improve."
Redbook reported that US same-store retail sales were up 8.3% year-over-year in the week ended Aug. 8, slower than an 8.7% gain in the prior week. Redbook reported that back-to-school sales were boosted by tax holidays in multiple states.