After mortgage rates shot up three years ago, the housing market slowed. And the newest numbers from the National Association of Realtors (NAR) show only a glint of improvement: Sales of existing homes rose 2% in July, compared to a month earlier.

At the current pace, the association estimates that about 4 million existing homes will be sold in the U.S. this year. That's far lower than during the pandemic, and significantly lower than before the pandemic.

But there is a bright spot or two in the new figures . First: A lot more homes are for sale. "We now have the highest inventory since the 2020 lockdown period, essentially five years ago," said Lawrence Yun, the association's chief economist.

In July there were 1.55 million units for sale, nearly 16% more than a year earlier.

The

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