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8/21/2020, 4:01 PM (Source: TeleTrader)
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US existing home sales up 24.7% MoM in July - NAR

Existing home sales in the United States surged 24.7% in July versus the previous month to reach a seasonally adjusted annual rate of 5.86 million, the National Association of Realtors (NAR) said in its release published on Friday. The sales have shown an upward trajectory last month by achieving a second consecutive month of gains in a row.

Overall sales grew 8.7% year-on-year to in the same month, the report noted. The median existing-home price for all housing types rose 8.5% compared with July 2019 to reach $304,100 and mark the 101st consecutive month that registered yearly increase. Furthermore, the median prices breached the level of $300,000 for the first time in history. Total housing inventory slipped 2.6% from June to 1.5 million units, and plunged 21.1% compared to the same month a year earlier.

Commenting on the report, NAR's chief economist Lawrence Yun said that "the housing market is well past the recovery phase and is now booming with higher home sales compared to the pre-pandemic days," adding that "current homeowners are looking for larger homes and this will lead to a secondary level of demand even into 2021."

Breaking the News / ND