- July existing home sales jumped 24.7% from June to 5.86 million (SAAR), the highest monthly total since 2006, according to the National Association of Realtors. Sales were up 8.7% from July 2019.
- The median existing-home price for all housing types in July was $304,100 up 8.5% from July 2019 ($280,400).
- Total housing inventory totaled 1.50 million units, down 21.1% year-over-year, and down 2.6% from June.
July home sales numbers continued the stellar pace set in June, skyrocketing to their highest monthly total since 2006. The housing market has been a true bright spot for the economy in recent months, as record low mortgage rates have added fuel to homebuying competition that was already smoldering before the coronavirus arrived. The result of this increased demand for homes has finally begun to show up in existing sales figures, which are recorded when the deal has closed, rather than when the contract was signed. Despite the pandemic, sales volume of existing homes is amazingly just 4.7 percent below last year's total to this point, and if recent pending sales figures are any indication, the good times are likely to keep on rolling in the near future. However, despite this remarkable gain, the longer-term outlook for sales is a little cloudier. A severe shortage of homes available – especially at lower price points — is likely to force these recently strong improvements to decelerate in the coming months, particularly if heightened levels of economic uncertainty start to weigh on homebuyers' enthusiasm. Rapid home price appreciation might also limit the number of buyers who can benefit from these otherwise rosy buying conditions. But for now, the housing market is red hot and homes are flying off the shelves.
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