Record-Setting: Existing-Home Sales Soar 24.7 Percent in July

Existing-home sales continued on a strong, upward trajectory in July, marking two consecutive months of significant sales gains, according to this month’s report by the National Association of REALTORS® (NAR). Each of the four major regions attained double-digit, month-over-month increases, while the Northeast was the only region to show a year-over-year decline.

Total existing-home sales, completed transactions that include single-family homes, townhomes, condominiums and co-ops, jumped 24.7 percent from June to a seasonally adjusted annual rate of 5.86 million in July. The previous record monthly increase in sales was 20.7 percent in June of this year. Sales as a whole rose year-over-year, up 8.7 percent from a year ago (5.39 million in July 2019).

The median existing-home price for all housing types in July was $304,100, up 8.5 percent from July 2019 ($280,400), as prices rose in every region. July’s national price increase marks 101 straight months of year-over-year gains. For the first time ever, national median home prices breached the $300,000 level.

Single-family home sales sat at a seasonally adjusted annual rate of 5.28 million in July, up 23.9 percent from 4.26 million in June, and up 9.8 percent from one year ago. The median existing single-family home price was $307,800 in July, up 8.5 percent from July 2019. Existing condominium and co-op sales were recorded at a seasonally adjusted annual rate of 580,000 units in July, up 31.8 percent from June and equal to a year ago. The median existing condo price was $270,100 in July, an increase of 6.4 percent from a year ago.

By Region

Northeast
Existing-Home Sales: 640,000 (-5.9% YoY)
Median Price: $317,000 (+4.0% YoY)

Midwest
Existing-Home Sales: 1,390,000 (+10.3% YoY)
Median Price: $244,500 (+8.0% YoY)

South
Existing-Home Sales: 2.59 million (+12.6% YoY)
Median Price: $268,500 (+9.9% YoY)

West
Existing-Home Sales: 1,240,000 (+7.8% YoY)
Median Price: $453,800 (+11.3% YoY)

How the Industry Is Responding:

“The housing market is well past the recovery phase and is now booming with higher home sales compared to the pre-pandemic days. 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. The number of new listings is increasing, but they are quickly taken out of the market from heavy buyer competition. More homes need to be built.” — Lawrence Yun, Chief Economist, National Association of REALTORS®

“Homebuyers’ eagerness to secure housing has helped rejuvenate our nation’s economy despite incredibly difficult circumstances. Admittedly, we have a way to go toward full recovery, but I have faith in our communities, the real estate industry and in NAR’s 1.4 million members, and I know collectively we will continue to mount an impressive recovery.” — Vince Malta, President, National Association of REALTORS®

“This increase, after the largest month-over-month spike on record, clearly indicates consumers are now comfortable buying a home during the pandemic. As we move into the fall, we can expect continued growth due to the typical spring homebuying season being delayed due to the virus.” — Bill Banfield, Executive Vice President of Capital Markets, Quicken Loans

For more information, please visit www.nar.realtor.