Existing-Home Sales Hit 14-Year High

The stock market is up modestly this morning. Fed Chairman Jerome Powell is testifying this morning about the economic relief package.

This morning, we learned that existing-home sales rose for August rose to an annualized rate of six million. That’s the highest in 14 years. In the last year, sales are up 14.5% and housing inventory is down 18.6%.

This comes after July when existing-home sales were up 24.7%. In August, the median sales price rose to $310,600. That’s up 11.4% in the last year. In the last year, sales of homes worth over $1 million are up 44%.

From the WSJ: “’The luxury housing sector is just simply taking off,’ said Lawrence Yun, chief economist of NAR.” The average mortgage rate is now down to 2.87%.

Posted by on September 22nd, 2020 at 11:06 am


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