Existing-Home Sales Soar at a Record Pace in July

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Real Estate

The numbers: Sales of previously-owned homes in the U.S. rose 24.7% between June and July to a seasonally-adjusted annual rate of 5.86 million, the National Association of Realtors reported Friday.

It was the second consecutive month in which the monthly increase was the largest on record, according to the trade group. Compared with a year ago, sales were up 8.7% in July.

“The housing market is well past the recovery phase and is now booming with higher home sales compared to the pre-pandemic days,” Lawrence Yun, NAR’s chief economist, said in the report. “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.”

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