Existing Home Sales Rising at Record Pace, Well Past the Recovery Phase

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US home sales rose at a record pace for a 2nd month running in July and home prices hit a record as historically low interest rates boosted demand for homes even as the C-19 coronavirus chaos put millions of out of work.

The National Association of Realtors (NAR) said Friday existing home sales rose 24.7% to a seasonally adjusted annual rate of 5.86-M units last month.

July’s rise came in the wake of a record monthly increase in June, and lifted the sales pace above the 5.76-M pace in February before the virus chaos triggered a brief fall in sales. July’s level was the highest since December 2006.

The housing market is well past the recovery phase and is now booming with higher home sales compared to the pre-pandemic days,” said 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.”

Home sales rose in all 4 regions in June.

Have a healthy day, Keep the Faith!

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