Sales of previously owned homes rose 2% in July compared with June to 4.01 million units, on a seasonally adjusted, annualized basis, according to the National Association of Realtors. Housing analysts had been expecting a slight decline.

Washington

Existing home sales saw a 2 percent increase, reaching a seasonally adjusted annualized rate of 4.01 million units. This result exceeded market expectations, which had anticipated a slight decline. The number of homes for sale rose 15.7 percent year-over-year, providing a 4.6-month supply at the current sales pace. 

Despite the higher supply, the median home price reached $422,400—a new high for July—though the annual price increase was just 0.2 percent. The share of first-time buyers fell to 28 percent, below the historical average, while all-cash transactions climbed to 31 percent, a level described as unusually high by industry experts.

Existing home sales in July inch up

Getting some housing data crossing. For that, we're going to turn to Diana Olek. Morning, Diana. Well, existing home sales in July rose 2 percent to a seasonally adjusted annualized rate of 4.01 million units. The street was actually looking for a slight decline, so that's a beat. Month-to-month sales up 0.8 percent from July of last year. Now, this count is based on closings, so it's most contracts signed in May and June when mortgage rates were on the decline. There were 1.55 million homes for sale at the end of July. That's up 15.7 percent year-over-year and represents a 4.6-month supply at the current sales pace. Despite more supply, though, the median price of a home sold in July was $422,400, an increase of just 0.2 percent from July of last year, but a new July high. Prices have been up annually for just over two years. This may be a turning point, given that very, very slight increase. Now, sales were strongest in the Northeast month-to-month, weakest in the Midwest, which is a little weird because the Midwest is where homes are cheapest. First-time buyers dropped to 28 percent of sales from 30 percent in June. Historically, they make up 40 percent. Days on market rose both for the month and from last year, and all cash hit 31 percent of transactions, up from 27 percent the year before. And the realtor's chief economist, Sarah, noted that is a very unusually high level of all-cash sales. OK, thank you, Diana. Yeah, mortgage rates high.

An eyewitness says American subcontractors at Gaza Humanitarian Foundation sites shot at Palestinians, a claim GHF denies.

Tel Aviv-Yafo

Middle East Conflict

Eyewitness claims U.S. subcontractors fired at Palestinians in Gaza

California Gov. Gavin Newsom has signed a bill that will allow voters to decide on new congressional maps in November.

California

Newsom signs bill putting new California congressional maps on ballot

The U.S. is sending three warships to the waters of Venezuela as part of a major counter-narcotics operation, a White House official confirms.

U.S. warships head to Venezuela to combat drug cartel threats

A New York appellate court threw out a $527 million penalty in the civil fraud case against President Trump and several others. CBS News' Aaron Navarro reports.

New York

Trump civil fraud case $527 million penalty thrown out

The U.S. and the European Union have locked in a framework trade deal that includes a 15% U.S. tariff on most EU imports, including autos, pharmaceuticals, semiconductors and lumber.

Global Tariffs

U.S. and EU lock in trade deal

Israel says it began its military operation to take control of Gaza City. This comes after an apparent Hamas attack in Khan Younis targeting Israeli soldiers.

Jerusalem

Israel says it began Gaza City expansion

After weeks of pushback from Democrats, House Republicans in Texas have passed controversial legislation to redraw the state's congressional map, giving the GOP an advantage in multiple seats.

Austin

Texas House passes controversial GOP redistricting map

U.S. President Donald Trump’s top-down diplomacy has experts in Ukraine skeptical about whether there has been enough preparation for proposed talks to actually end the war between Russia and Ukraine.

Moscow

Ukraine Invasion

Russia signals more talks needed before Zelenskyy-Putin meeting

The Texas House on Wednesday night passed a controversial, Republican-backed proposal to redraw the state's congressional maps. The bill now moves onto the Texas Senate. CBS News reporter Erica Brown has more.

Texas

Texas House approves GOP congressional redistricting map

Israel's military has called up tens of thousands of reservists in preparation for an expected assault on Gaza City, as the Israeli government considered a new proposal for a ceasefire after nearly two years of war.

Israel calls up 60,000 reservists ahead of Gaza City operation

The Trump administration says it is adding 407 items to the list of "derivative" steel and aluminum products subject to higher tariffs. The list includes products like car parts, household appliances, baby strollers, fire extinguishers and spray deodorants.

Trump expanding steel and aluminum tariffs

NATO military chiefs met virtually Wednesday for what was described as a candid discussion about security guarantees the alliance would be willing to provide to Ukraine in an effort to end Russia's war in the region.

Brussels

NATO chiefs meet virtually about potential Ukraine security guarantees

Israel's military leaders approved the next phase of their ongoing offensive in the territory. The operation will shift focus to Gaza City, targeting areas where Hamas is believed to still be active and where Israeli forces have not yet operated.

Israel approves next phase of Gaza offensive, focus on Gaza City

Despite not making landfall, Hurricane Erin is forcing mandatory evacuation orders in parts of North Carolina and is expected to cause rip currents for days along the U.S. East Coast.

North Carolina

Hurricane Erin forces evacuations on U.S. East Coast

The White House says it is working to secure a meeting between the presidents of Russia and Ukraine, which both have agreed to, while plans continue to create security guarantees for Ukraine.

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Hamas has agreed to a ceasefire proposal for Gaza, but mediators are still waiting for an official response from Israel. CBS News contributor Robert Berger has the latest from Jerusalem.

Mediators await Israeli response to Gaza ceasefire proposal

Indian Prime Minister Narendra Modi met China’s top diplomat on Tuesday and hailed the “steady progress” made in improving the bilateral relationship after a yearslong standoff between the nuclear-armed Asian powers.

New Delhi

India's Modi meets China's foreign minister to rebuild ties

Texas Democrats who ended a walkout found themselves shadowed by law enforcement officers to keep them from repeating the protest that stalled Republican efforts to redraw congressional districts and fulfill President Donald Trump's desire to reshape U.S. House maps.

Police escort Texas Democrats to prevent new redistricting walkout

Air Canada has reached a tentative agreement with the Canada Industrial Relations Board (CIRB), ending the strike that began over the weekend involving 10,000 members and disrupted travel for more than 100,000 travelers per day.

Toronto

Air Canada reaches tentative agreement with flight attendant union

Exiled former Hong Kong lawmaker Ted Hui hailed Australia's grant of asylum status as a key acknowledgement of the territory's human rights infringements since its authorities quelled massive pro-democracy protests in 2019.

Hong Kong Island

Ex-Hong Kong lawmaker granted asylum by Australia

Forecasters are giving urgent warnings to millions of people who live along the East Coast as Hurricane Erin churns in the Atlantic. The storm will not make direct landfall but is expected to bring dangerous rip currents.

East Coast of the United States

Hurricane Erin to bring dangerous rip currents to U.S. East Coast

Jasveen Sangha, a Los Angeles woman known as the "Ketamine Queen," has agreed to plead guilty to federal charges in connection with the death of actor Matthew Perry. Sangha could face up to 45 years in prison.

Los Angeles

"Ketamine Queen" to plead guilty in Matthew Perry's death

European leaders who converged on the White House for talks on the Russia-Ukraine war demonstrated a united front regarding Ukraine's security on Monday, underscoring the issue as pivotal for the entire continent, not just Ukraine.

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As Hamas reportedly agreed to some ceasefire terms that would include the return of more hostages, Israeli Prime Minister Benjamin Netanyahu ordered troops to take more of Gaza.

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President Donald Trump said that the United States would help Europe in providing security for Ukraine as part of any deal to end Russia's war in Ukraine.

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Bolivia's presidential vote headed to an unprecedented runoff after elections Sunday that ended more than two decades of left-wing dominance in the Andean nation but signaled voters' trepidation about a major lurch to the right.

La Paz

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All Air Canada planes were grounded on Monday (August 18) after its 10,000 flight attendants refused a return-to-work mandate from the Canadian government.

Air Canada delays plans to resume operations

Ukrainian President Volodymyr Zelenskyy arrived at the White House Monday (August 18) for his meeting with President Donald Trump and other European leaders about Russia's war in Ukraine. CBS News White House reporter Taurean Small has more.

Trump meeting with Zelenskiy, European leaders at White House

Hamas on Monday informed mediators that it had accepted a ceasefire deal proposal submitted to it the day before, according to international and Israeli outlets.

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Hurricane Erin will bring dangerously rough surf to parts of the U.S. East Coast. Over the weekend, Erin's outer bands lashed Puerto Rico with up to 7 inches of rain and flooding parts of the island.

Breakdown