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Existing-home sales soared 24.7% in July, outpacing their record growth of 20.7% in June, when the nation’s economic reopening ignited homebuying activity, the National Association of REALTORS® reported Friday. Now 8.7% higher year over year, the strong rise in existing-home sales—including single-family homes, townhomes, condominiums, and co-ops—is fueling optimism in the real estate market through the rest of the year.
“The housing market is well past the recovery phase and is now booming with higher home sales compared to the pre-pandemic days,” says NAR Chief Economist Lawrence Yun. “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 prices, too, are reaching new all-time highs, with the national median existing-home price hitting $304,100 in July—the first time it’s ever broken $300,000, according to NAR. However, low inventory stands to limit gains moving forward. Total housing inventory at the end of July totaled 1.5 million units, down 21.1% year over year. “The number of new listings is increasing, but they are quickly taken out of the market from heavy buyer competition,” Yun says. “More homes need to be built.”
Sellers Are Returning to the Housing Market
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#SellYourHomeForMoreandPayLess, #TimeToSell #ChrisBJohnsonRealtor, #SellersPayZEROCommission
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