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Financial News: U.S. Existing Home Sales Rebound At Record Pace

U.S. Existing Home Sales Rebound At Record Pace In June

07/22/2020 - 10:21:00 (RTTNews)

(RTTNews) - After reporting three straight months of declines in U.S. existing home sales, the National Association of Realtors released a report on Wednesday showing sales rebounded at a record pace in June.

NAR said existing home sales spiked by 20.7 percent to an annual rate of 4.72 million in June after plunging by 9.7 percent to a rate of 3.91 million in May. Economists had expected sales to skyrocket by about 24.5 percent.

"The sales recovery is strong, as buyers were eager to purchase homes and properties that they had been eyeing during the shutdown," said Lawrence Yun, NAR's chief economist.

He added, "This revitalization looks to be sustainable for many months ahead as long as mortgage rates remain low and job gains continue."

Despite the substantial monthly rebound, NAR noted existing home sales in June were down by 11.3 percent compared to the same month a year ago.

The report also said the median existing home price for all housing types was $295,300 in June, up 4.1 percent from $283,600 in May and up 3.5 percent from $285,400 in June of 2019.

Housing inventory at the end of June totaled 1.57 million units, up 1.3 percent from 1.55 million units at the end of May but still down 18.2 percent from 1.92 million units a year ago.

The unsold inventory represents 4.0 months of supply at the current sales pace, down from both 4.8 months in May and 4.3 months in June of 2019.

"Home prices rose during the lockdown and could rise even further due to heavy buyer competition and a significant shortage of supply," Yun said.

NAR also said single-family home sales surged up by 19.9 percent to an annual rate of 4.28 million in June, while existing condominium and co-op sales soared by 22.8 percent to a rate of 440,000.

On Friday, the Commerce Department is scheduled to release a separate report on new home sales in the month of June. Economists expect new home sales to jump by 4.0 percent in June after spiking by 16.6 percent in May.

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