Existing home sales for July 2020
- existing home sales 5.86M vs. 5.41M estimate.. Highest level since January 2007.
- Prior month revised slightly lower to 4.7M vs 4.72M
- existing home sales rose 24.7% vs. 14.6% estimate. Last month sales rose 20.2% vs. 20.7% initially reported
- housing inventory -21.1% vs. year ago
- month supply is at 3 months vs. 3.8 months in June
- medium existing home price +8.5% to $304,100
National Association of realtors economist said:
“The housing market is passed the recovery phase is now in a booming stage. Certainly, record low mortgage rates are bringing more buyers into the market”
Strong housing data spurred by a shift to the suburbs as a result of coronavirus and inventory levels which are back down near record low levels.