U.S. existing-home sales rose 2% in July to a seasonally adjusted annual pace of 4.01 million, topping economists’ projections of 3.92 million, the National Association of Realtors said. The year-over-year gain was a modest 0.8%, and the level is still below pre-pandemic norms. The median resale price edged up 0.2% from a year earlier to $422,400, the smallest annual increase in two years. Inventory improved slightly, with 1.55 million homes listed—up 0.6% from June and the highest since May 2020—offering buyers more choice even as affordability remains tight. NAR Chief Economist Lawrence Yun said steady wage growth and a cooling in price increases are beginning to entice some shoppers back, though sales are likely to hover near the four-million mark until borrowing costs retreat further. Mortgage rates, now around 6.6%, have roughly doubled since late 2021. Separate figures from brokerage Redfin underscore the market’s fragility. Homes lingered a median 43 days on the market in July, and overall summer transactions are tracking at their slowest pace in a decade. Roughly 58,000 purchase agreements were canceled last month—the highest July total since 2017—as elevated rates and economic uncertainty kept many would-be buyers on the sidelines.