Existing home sales jump 25 percent in July, continue record pace
August 27, 2020 | 12:37 pm CDT
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WASHINGTON – Existing-home sales continued on a strong, upward path in July, marking two consecutive months of significant sales gains, according to the National Association of Realtors.

Each of the four major regions attained double-digit, month-over-month increases, while the Northeast was the only region to show a year-over-year decline.

Total existing-home sales completed transactions that include single-family homes, townhomes, condominiums and co-ops, jumped 24.7 percent from June to a seasonally-adjusted annual rate of 5.86 million in July.

The previous record monthly increase in sales was 20.7 percent in June of this year. Sales as a whole rose year-over-year, up 8.7 percent from a year ago (5.39 million in July 2019).

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

The median existing-home price for all housing types in July was $304,100, up 8.5 percent from July 2019 ($280,400), as prices rose in every region. July’s national price increase marks 101 straight months of year-over-year gains. For the first time ever, national median home prices topped the $300,000 level.

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Karl Forth

Karl D. Forth is online editor for CCI Media. He also writes news and feature stories in FDMC Magazine, in addition to newsletters and custom publishing projects. He is also involved in event organization, and compiles the annual FDM 300 list of industry leaders. He can be reached at karl.forth@woodworkingnetwork.com.