Existing home sales continued at a historic pace in July, jumping a record 24.7% to a seasonally adjusted annual rate of 5.86 million, the National Association of Realtors reports.
The previous record for month-over-month existing home sales increase was set in June when existing home sales grew 20.7%.
“The housing market is well past the recovery phase and is now booming with higher home sales compared to the pre-pandemic days,” NAR Chief Economist Lawrence Yun said in a statement. “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.”
Year-over-year, existing home sales are up 8.7%. The median price for existing homes in July was $304,100, an 8.5% increase compared with July 2019.
Existing home sales grew in every region in July, soaring 30.6% in the Northeast; 27.5% in the Midwest; 19.4% in the South; and 30.5% in the West.
The full NAR report can be found here.
