In the most recent report by the National Association of Realtors (NAR), existing-home sales spiked 24.7% from June to a seasonally-adjusted rate of 5.86 million in July. Additionally, each of the four major regions saw double digit increases from the month prior.
“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.”
As the housing sector continues to show signs of recovery, heavy buyer competition is fueling an active market and pushing the needle toward a recovery.