After three months of declines in Existing-Home Sales, the market showed a strong turn around in June with a record rebound of 20.7%. The 20.7% increase from May to June brought the seasonally adjusted annual rate to 4.72 million. Although the rebound was strong, the year-to-year sales are down 11.3% from 5.32 million in June 2019. Median existing-sale prices, however, remain strong. Sale prices are 3.5% from last June, from $285,400 to $295,300.
NAR’s chief economist, Lawrence Yung, believes the market will continue to improve over the months to come. Stating, “The sales recovery is strong, as buyers were eager to purchase homes and properties that they had been eyeing during the shutdown. This revitalization looks to be sustainable for many months ahead as long as mortgage rates remain low and job gains continue.” Continuing to remain positive after the effects the Coronavirus pandemic had on the economy and the housing market.
Copyright ©2020 “Existing-Home Sales Climb Record 20.7% in June” NATIONAL ASSOCIATION OF REALTORS®. All rights reserved. Reprinted with permission. August 5, 2020, https://www.nar.realtor/newsroom/existing-home-sales-climb-record-20-7-in-june