Existing-Home Sales Soar At Record +24.7%

Existing-home sales continued on an upward trajectory in July marking two consecutive months of significant sales gains, NAR reports.

• Existing-home sales up 24.7% in July at a seasonally-adjusted annual rate of 5.86 million. The previous record monthly increase in sales was 20.7% in June of this year.
• Sales as a whole rose year-over-year, up 8.7% from a year ago (5.39 million in July 2019).
• Median existing home price for all housing types was $304,100, up 8.5% from July 2019 ($280,400) as prices in every region rose. The national price increase marks 101 straight months of year-over-year gains. For the first time ever, national median home prices breached the $300,000 level.
• Inventory at 1.50 million units, down from both 2.6% in June and 21.1% from one year ago (1.90 million). Unsold inventory sits at a 3.1-month supply at the current sales pace, down from 3.9 months in June and down from the 4.2-month figure recorded in July 2019.
• "The number of new listings is increasing, but they are quickly taken out of the market from heavy buyer competition," Lawrence Yun, NAR's chief economist said. "More homes need to be built."