Existing-Home Sales Increase in July

Existing-home sales continue to gain momentum as the U.S. economy builds from the trough seen earlier this year due to the COVID-19 pandemic. Sales increased 24.7% in July, according to the National Association of Realtors, and for the second straight month. Sales were up nearly 9% from 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 NAR Chief Economist Lawrence Yun in a release. "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."

Economists expected sales to increase by nearly 15%, states Reuters.

The median price of an existing-home was slightly more than $304,000, marking the first time ever the price has eclipsed $300,000. The median price in July 2019 was $280,400. Homes were on the market for 22 days in July, down from 24 days in June and 29 days from last year.

Existing-home sales were up month over month in all four regions; however, the Northeast declined from July 2019.

-Michael Miller, managing editor