July pending home sales rose 5.9% versus 3.5% expected
Last month, the number of concluded deals for the sale of secondary housing grew by a record 24.7%, while the average selling price of homes increased by 8.5% per month
As the National Association of Realtors (NAR) reported Friday, US home sales rose a record 24.7% in July. July marks second consecutive record month of home sales growth amid real estate boom nationwide.
Sales of homes, townhouses, condos and housing cooperatives rose to a seasonally adjusted 5.86 million in July as all regions posted double-digit growth from June, NAR reported.
After a sharp drop in sales in April and May amid the pandemic, the market began to rise in June, fueled by low borrowing rates.
“The housing market has long gone through a recovery phase and is now booming with higher home sales compared to the pre-pandemic period,” NAR chief economist Lawrence Yoon said in a statement..
Sales were up 8.7% last month compared to July 2019 – and only the Northeast US saw sales decline year-on-year, according to the report..
Amid high demand and low supply of homes, average sales prices continued to rise, increasing 8.5% over the month to $ 304,100. The number of homes for sale dropped 2.6% compared to June and more than 21% compared to 2019.
In addition, new home sales, housing construction and mortgage applications are skyrocketing, according to the Mortgage Bankers Association..
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