Existing-home sales rose by 2.4% in August to a seasonally adjusted annual rate of 6.0 million, according to the National Association of Realtors (NAR). Sales rose year-over-year, up 10.5% from August 2019 (5.43 million).
Lawrence Yun, NAR’s chief economist, states that home sales are now at their highest level since December 2006 and the need for housing will grow even further, especially in areas that are attractive to those who can work from home. “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.”
The total housing inventory was 1.49 million units, down 0.1% from July and 18.6% from a year ago (1.83 million). The median home price was $310,600, up 11.4% from August 2019. This increase marks 102 straight months of year-over-year gains.
Distressed sales were less than 1% of total sales, the same as July, but down from 2% in August 2019.
Read the NAR release.