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IPFS News Link • Housing

Existing Home Sales Soar By Record To Highest In 14 Years; Median $ Breaches $300K For 1st Time Ever

• Zero Hedge - Tyler Durden

As we noted earlier, existing home sales are expected to surge in July (the latest data), playing catch up to the huge rebound in new- and pending-home sales in June.

After a 20.7% MoM surge in June, July's existing home sales were up a stunning 24.7% MoM (crushing expectations of a 14.6% MoM) and sending home sales up 8.72% YoY

 

Source: Bloomberg

The SAAR rose from 4.70mm to 5.86mm in July, the highest since Dec 2006...

 

Source: Bloomberg

"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% 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 breached the $300,000 level.

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