According to a report from the National Association of Realtors, home sales reached a 14-year high in August. The last time sales climbed this much was in 2006, when there was a housing boom. In each of the four major regions of the U.S., there was month-over-month as well as annual growth, and the northeast saw the largest monthly improvement in home sales.
Even despite the COVID-19 pandemic, real estate sales are doing well because of a combination of factors like low mortgage rates, smaller inventory, and pent-up demand. Because housing inventory has remained tight, this has put upward pressure on home prices. In August, existing-home prices for all housing types climbed 11.4% compared to a year ago, reaching a median of $310,600.
Here's a more detailed look at indicators from August, according to NAR's report:
To find out more information about the report from the NAR, check out the article here.
Here's a more detailed look at indicators from August, according to NAR's report:
- 69% of homes sold in August were on the market for less than a month.
- A year prior, homes stayed on the market for an average of 31 days, whereas they stayed on the market for an average of 22 days this August.
- First-time homebuyers accounted for 33% of home sales in August, up from 31% the previous year.
- Total housing inventory at the end of August was 1.49 million, down from 1.83 million a year ago.
To find out more information about the report from the NAR, check out the article here.
