The National Association of Realtors (NAR) released its existing home sale data for July 2015, showing a 2.0% increase in existing home sale activity from last month. Existing home sales, collected by NAR monthly, is a real estate indicator that measures the number transaction closings from Multiple Listing Services nationwide.

The seasonally adjusted and annualized number of existing home sales was 5,590,000, up from 5,480,000 reported in June 2015. These existing home resales sold at a median price of $234,000 this month, meaning that median prices fell 1.0% from last month.

NAR chief economist Lawrence Yun suggests that uncertainty surrounding interest rates may be partly responsible for the continued increase in sales volume. “The creation of jobs added at a steady clip and the prospect of higher mortgage rates and home prices down the road is encouraging more households to buy now,” he said. “As a result, current homeowners are using their increasing housing equity towards the downpayment on their next purchase.”

NAR also reports figures for nationwide existing home inventory. This month, NAR estimates that 2,240,000 homes are on the resale market, down 0.4% from last month. Using figures for existing home inventory and sale rate, NAR determined that the months supply of existing homes is 4.8 months in July 2015.