The National Association of Realtors (NAR) reported that existing home sales reached the highest level it has been in close to 14 years this August. The seasonally adjusted annual rate was 6.00 million in August showing a 2.4% increase for existing homes sales. A big part of the rising numbers is contributed to the rebound the housing market has had because of COVID-19.
December 2006 was the last time the country saw such high levels in existing home sales. The total included single-family homes, townhomes, condominiums and co-ops. On a year-over-year basis, sales were 10.5% higher than a year ago.
The lack of inventory is helping days on market. The average days on market in August was reported at just 22 days. Sixty-nine percent of homes sold in August were on the market for less than 30 days. This was down from August of last year which reported an average of 31 days on the market.
Home prices are holding up as the median sales price of all existing homes was $310,600 in August. The 11.4% increase depicted the 102nd consecutive month of year-over-year increases. All-cash sales were up from 16% to 18% of transactions in August which shows a gaining trust in the future of our economy.
Across the country, all regions had a positive impact on the housing market in August. The four regions all had a month-over-month gain in existing homes sales from 0.8% to 13.8%. The year-over-year grew in all four regions as well seeing the highest gain of 13% in the South.
This is great news for the current housing market. If you are in the market for a new home now is the time purchase. Now is a great time to call a Realtor and take advantage of the low mortgage rates.
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