Colorado Homes For Sale

Home Sales Continue Record Pace, Soar 24.7% in July

WASHINGTONAug. 21, 2020 /PRNewswire/ — Existing-home sales continued on a strong, upward trajectory in July, marking two consecutive months of significant sales gains, according to the National Association of RealtorsÒ. 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,1 https://www.nar.realtor/existing-home-sales, completed transactions that include single-family homes, townhomes, condominiums and co-ops, jumped 24.7% from June to a seasonally-adjusted annual rate of 5.86 million in July. The previous record monthly increase in sales was 20.7% in June of this year. Sales as a whole rose year-over-year, up 8.7% from a year ago (5.39 million in July 2019).

“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.”

Brian Chandler RE/MAX Parker Colorado“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.”

Last week, NAR released its latest data for metro home prices, which found that in 2020’s second quarter, median single-family home prices saw a 96% increase when compared to a year earlier.

Read the entire article HERE

NEWS PROVIDED BY

National Association of Realtors 

Aug 21, 2020, 10:45 ET

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