facebook linkedin twitter

Existing Home Sales Soar a Record 24.7% in July

August 21, 2020 by Dan McCue
This Monday, April 27, 2020, photo shows a sale pending sign on a home in Mount Lebanon, Pa. (AP Photo/Gene J. Puskar, File)

WASHINGTON – Sales of existing homes in the United States rose by an unprecedented 24.7% in July extending the summer rebound from the coronavirus after the global pandemic hammered the market in late winter and spring.

The National Association of Realtors said Friday that sales of existing homes jumped last month to a seasonally adjusted annual rate of 5.86 million.

With consecutive months of record-breaking gains, purchases are now up 8.7% from a year ago. Home sales rose 20.7% in June, a record that lasted one month.

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

“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,” he said.

The housing market has been one of the more resilient sectors of the economy during the pandemic, but market activity continues to hinge on supply, which was limited even before the coronavirus outbreak.

The number of available homes for sale was 1.5 million units, down 2.6% from June and 21.1% from one year ago. At the current sales pace, there is a 3.1-month supply of houses, down from 3.9 months in June and the 4.2 months from July 2019.

The median price for a home cracked the $300,000 mark for the first time ever, settling at $304,100, up 8.5% from July 2019.

Yun noted these dire inventory totals have a substantial effect on sales.

“The number of new listings is increasing, but they are quickly taken out of the market from heavy buyer competition,” he said. “More homes need to be built.”

Sales exploded in every region in the country, led by the Northeast and West, where sales grew by more than 30%. The Midwest was close behind as sales there rose 27.5%, while sales in the South rose 19.4%.

Economy

US Jobless Claims Fall to New Pandemic Low of 290,000

WASHINGTON (AP) — The number of Americans applying for unemployment benefits fell last week to a new low point since... Read More

WASHINGTON (AP) — The number of Americans applying for unemployment benefits fell last week to a new low point since the pandemic erupted, evidence that layoffs are declining as companies hold onto workers. Unemployment claims dropped 6,000 to 290,000 last week, the third straight drop, the... Read More

October 20, 2021
by Tom Ramstack
Congress Tries to Intervene In Supply Chain Disruptions

WASHINGTON -- While economists warned about disruptions to the U.S. supply chain, Chuck Fowke told a congressional panel Wednesday about... Read More

WASHINGTON -- While economists warned about disruptions to the U.S. supply chain, Chuck Fowke told a congressional panel Wednesday about countertops. “If you can’t get the cabinets, you can’t put the countertops on,” Fowke said as he testified on behalf of the National Association of Home... Read More

Commerce Head Out to Save US Jobs, 1 Computer Chip at a Time

WASHINGTON (AP) — Gina Raimondo only wears watches made by Bulova — a company that laid off her scientist father,... Read More

WASHINGTON (AP) — Gina Raimondo only wears watches made by Bulova — a company that laid off her scientist father, closed its Rhode Island factory and moved production to China in 1983. The watches give Raimondo, the U.S. commerce secretary, a sense of mission as President... Read More

October 14, 2021
by Dan McCue
White House Action on Supply Chain Bottleneck Seen As First Step To Ending Crisis

WASHINGTON -- They’ve almost become as ubiquitous as scenes of weathermen and women leaning into the fierce winds of a... Read More

WASHINGTON -- They’ve almost become as ubiquitous as scenes of weathermen and women leaning into the fierce winds of a tropical storm during hurricane season. We refer, of course, to the daily television news footage of a reporter bobbing up and down in a decidedly modest... Read More

US Wholesale Prices Rose Record 8.6% Over 12 Months

WASHINGTON (AP) — Inflation at the wholesale level rose 8.6% in September compared to a year ago, the largest advance... Read More

WASHINGTON (AP) — Inflation at the wholesale level rose 8.6% in September compared to a year ago, the largest advance since the 12-month change was first calculated in 2010. The Labor Department reported Thursday that the monthly increase in its producer price index, which measures inflationary... Read More

October 13, 2021
by Dan McCue
White House Steps Up Fight Against Supply Chain Woes

WASHINGTON --  In an ideal economy, the nation’s supply chains work something like this: raw materials, finished products and ready-to-assemble... Read More

WASHINGTON --  In an ideal economy, the nation’s supply chains work something like this: raw materials, finished products and ready-to-assemble merchandise like cars and trucks flow into the nation’s ports. The largest of these ports, those blessed to sit on deep-water harbors, typically have rail tracks... Read More

News From The Well
scroll top