The National Association of Realtors is reporting that existing home sales jumped 24.7% in July to a seasonally-adjusted annual rate of 5.86 million (8.7% higher than one year ago). Total housing inventory at the end of July was 1.5 million units, down 2.6% from June and down 21.1% from one year ago. Total unsold inventory was at a 3.1-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 $304,100, up 8.5% from July, 2019.
“The housing market is well past the recovery phase and is now booming with higher home sales compared to the pre-pandemic days,” said Lawrence Yun, NAR’s chief economist. “With the sizable shift in remote work, current homeowners are looking for larger homes and this will lead to a secondary level of demand even into 2021.”
Click here to read the full report at the National Association of Realtors.
