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Closed sales of previously owned homes rose 1.3% in July compared with June to a seasonally adjusted, annualized rate of 3.95 million units, according to the National Association of Realtors. That was the first gain in five months.

Sales were 2.5% lower compared with the same time last year.

Sales saw the biggest gains in the Northeast and were flat in the Midwest. Prices also rose the most in the Northeast.

"Despite the modest gain, home sales are still sluggish," said Lawrence Yun, NAR's chief economist, in a release. "But consumers are definitely seeing more choices, and affordability is improving due to lower interest rates."

These sales are based on contracts that were likely signed in May and June, when mortgage rates were well over 7% on the popular 30-year fixed loan. Rates began dropping in July and are now hovering around 6.5%.

All-cash offers made up 27% of July sales, up from 26% the year before and far higher than the historical norm.

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