Housing Market Shows Unexpected 2% Sales Surge in July

The U.S. housing market defied expectations with a surprising 2% jump in home sales during July, according to data released by the National Association of Realtors (NAR). This surge, marked as a 4.01 million seasonally adjusted annual rate, reflects deals finalized earlier in May and June, when mortgage rates temporarily dipped below 7%. These favorable conditions likely enticed buyers who had been on the sidelines.