July home sales see record spike of 24.7%

by Jeffrey Swindoll · Aug 21st, 2020 1:43 pm

Last Updated Oct 14th, 2020 at 2:46 pm

Sales from existing homes rose 24.7% from June to July, the highest monthly gain in the history of the survey since 1968, according to the National Association of Realtors.

June to July also saw the highest sales pace since December 2006. July's sales were 8.7% higher than in July 2019.

"I think there is a big societal change concerning housing decisions today," said Lawrence Yun, chief economist for the Realtors. "The upper income bracket has been more stable in terms of jobs, and they are taking advantage of record low mortgage rates."

These numbers come from closed sales on contracts signed in May and June.

"Continued healing in the housing market is a positive for the overall economy, but elevated jobless claims raise concerns about how sustainable this housing demand is, especially in the face of rising prices," said Danielle Hale, chief economist for realtor.com.


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