August existing-home sales reach highest level since end of 2006

Existing-home sales hit three consecutive months of gains in August, reaching a seasonally adjusted annual rate of 6.00 million during the month, according to the National Association of Realtors (NAR).

That figure represents the existing-home sales’ highest level since December 2006, up 2.4% from July and up 10.5% year over year. Each of the four major regions tracked by the NAR posted growth both month over month and year over year, headlined by the Northeast’s improvement of 13.8% from July and the South’s 13.0% increase from August 2019.

Single-family home sales during August were recorded at a seasonally adjusted annual rate of 5.37 million, a gain of 1.7% from July and up 11.0% year to year. Condo and co-op sales came in at a seasonally adjusted annual rate of 630,000 units, up 8.6% from July and up 6.8% from the year prior.

“Home sales continue to amaze, and there are plenty of buyers in the pipeline ready to enter the market,” said Lawrence Yun, chief economist for the NAR. “Further gains in sales are likely for the remainder of the year, with mortgage rates hovering around 3% and with continued job recovery.” Arnie Aurellano 9/22/20 Scotsman Guide