In a recent report from the National Association of Realtors (NAR), existing home sales reached a 14-year high in August, climbing for the third consecutive month. Total existing home sales, completed transactions involving single-family homes, condos, co-ops and townhomes increased 2.4% from July to an annual rate of 6.00 million in August. Year-over-year, sales are up 10.5% from 5.43 million in August 2019.
“Home sales continue to amaze, and there are plenty of buyers in the pipeline ready to enter the market,” said Lawrence Yun, NAR’s chief economist. “Further gains in sales are likely for the remainder of the year, with mortgage rates hovering around 3% and with continued job recovery.”
Also in the report, the median existing home price for all home types in August saw a jump of $310,600. This is 11.4% higher than the year higher, with prices in every region seeing gains.
“The past few months have shown how valuable real estate is in the country, both to our nation’s economy and to individuals who have been given an opportunity to rethink their location and redesign their lifestyle,” said NAR President Vince Malta, broker at Malta & Co., Inc., in San Francisco, Calif. “NAR maintains robust advocacy efforts on behalf of our 1.4 million Realtors® – including hundreds of thousands of housing providers – to ensure this industry can continue to lead in America’s economic recovery.”