Sales of existing homes soared 24.7% in July from June, according to the National Association of Realtors.
That's the strongest monthly gain in the history of the survey, going back to 1968, and the highest sales pace since December 2006.
Sales were 8.7% higher from July 2019.
The numbers represent closed sales, meaning contracts signed in May and June.
The increase in sales came as supply fell, prices rose and mortgage rates stayed low.
The supply of existing homes plummeted 21.1% annually, with just 1.5 million homes for sale at the end of July. This represents a 3.1-month supply at the current sales pace, down from a 4.2-month supply a year earlier. It's the lowest July supply in the history of the inventory survey, which has been tracking single-family supply data since 1982.
"The new listings are running a little higher than one year ago but all those new listings are being grabbed by the buyers and taken off the market," said Lawrence Yun, chief economist for the Realtors.
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4 comments:
Those that have $$$$$ are indeed buying real estate since that is a long term asset which will grow, unlike money which has and can go POOF with the markets (where most have investments).
Again, not a bad thing (real estate) IF you can do it.
hence NY/NJ folks migrating south to the eastern shore. Long term investments.
Embrace the suck!
1:22 while I do believe in buying real estate (we have 5 homes and 12 commercial rentals) it is not a wise idea to believe real estate is a long term asset. We all saw what obama did to the economy the jobs he sent overseas and the high unemployment numbers. That can happen again. Real estate values could fall over night. While the same can happen with the market it is still a better idea to diversify. Buy both.
It's not going to last. You have homeowners asking for 100,000 more than what they paid 4 year's ago. No upgrades. It's CRAZY. I'm waiting for it to drop back to some normal prices.
I've been seeing a lot of NY license plates in the area lately
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