July Existing Home Sales rose 2.3% M/M to an annual 4.47 million units, following a 5.4% M/M decline in June. The outcome was somewhat weaker than expected. The rise in single-family units (2.1% M/M) was weaker than the increase in multi-family units (4.3% M/M). Three of the four regions registered rising sales, while sales stabilized in the West. Median house prices were up 9.4% Y/Y, following a 7.5% Y/Y increase in June, continuing the trend of strengthening prices. Fewer distressed sales are pushing up average/median prices, which is an encouraging sign for the housing market. So, while it is not yet green light for the housing market, the data are supporting the view that the worst is over for the housing market.