Existing Home Sales Continue Record Rebound in July!
*By Fan-Yu Kuo on August 21, 2020 at eyeonhousing.org
Existing Home Sales Continue Record Rebound in July
Boosted by historically low mortgage rates, existing home sales, as reported by the National Association of Realtors (NAR), posted another record increase in July and surpassed pre-pandemic levels.
Total existing home sales, including single-family homes, townhomes, condominiums and co-ops, soared 24.7% to a seasonally adjusted annual rate of 5.86 million in July, the largest monthly gain on record and the highest level since December 2006. On a year-over-year basis, sales were 8.7% higher than a year ago.
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