The National Association of Realtors is reporting that existing home sales jumped 2.4% in August to a seasonally-adjusted annual rate of 6 million (10.5% higher than one year ago). Total housing inventory at the end of August was 1.49 million units, down 0.7% from July and down 18.6% from one year ago. Total unsold inventory was at a 3-month supply at the current sales pace with properties remaining on the market for around 22 days. The median existing-home price for all housing types was $310,600, up 11.4% from August, 2019.
“Home sales continue to amaze, and there are plenty of buyers in the pipeline ready to enter the market…Further gains in sales are likely for the remainder of the year, with mortgage rates hovering around 3% and with continued job recovery.” Said Lawrence Yun, NAR’s chief economist.