June experienced the highest existing homes sales surge to date, with sales up 21% compared to May, according to CNBC. The previous three months were slow as existing home sales dropped 11.3% annually. June’s sales came from data collected by the National Association of Realtors, who said the numbers are based off of contracts signed in late April and May. There could have been even more growth though if housing supply was ample, the association says. Instead, the supply of existing homes fell 18.2% annually in June.
This count is based on closings, so it represents contracts signed in late April and May, before much of the national economy began to reopen and before the most recent surge in coronavirus cases.
“The housing market is hot, red hot, based on the data and the anecdotal prevalence of multiple offers,” said Lawrence Yun, chief economist for the Realtors “The urban area is less hot. We are clearly seeing trends for smaller towns or suburbs.”
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