Existing homes sales are continuing to remain strong, making significant increases over the last two months. The existing home sales jumped 24.7% from a seasonally adjusted annual rate of 4.72 million to 5.86 million in July. The year to year sales also rose 8.7% in comparison to last year.
NAR’s chief economist, Lawrence Yung, explained that the housing market is continuing to boom, even in comparison to the “pre-pandemic days.” Yung goes on to explain why he believes the housing market is remaining strong despite the global pandemic, “With the stable shift in remote work, current homeowners are looking for larger homes and this will lead to a secondary level of demand even in 2021.” Allowing the market to remain healthy and continue to flourish.
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Copyright ©2020 “Existing-Home Sales Continue Record Pace, Soar 24.7% in July” NATIONAL ASSOCIATION OF REALTORS®. All rights reserved. Reprinted with permission. August 26, 2020, https://www.nar.realtor/newsroom/existing-home-sales-continue-record-pace-soar-24-7-in-july