Existing home sales continued their upward trend with a 2.4% increase in August to a seasonally adjusted annual rate of 6 million, according to the National Association of Realtors. The rate is a 10.5% increase compared with August 2019, and the highest recorded level since December 2006.
“Home sales continue to amaze, and there are plenty of buyers in the pipeline ready to enter the market,” stated Lawrence Yun, NAR’s chief economist. “Further gains in sales are likely for the remainder of the year, with mortgage rates hovering around 3% and with continued job recovery.”
Regionally, existing home sales jumped 13.8% month-over-month in the Northeast; 1.4% in the Midwest; 0.8% in the South; and 0.8% in the West.
The median existing home price grew 11.4% year-over-year in August to $310,600.
The full NAR report can be found here.
