Existing home sales notch biggest monthly gain on record in July
Existing home sales rose by 25% in July over June's red-hot pace, the biggest monthly gain on record for the data series that goes back to 1968.
Why it matters: Residential home sales have been rising at a breakneck pace since most nationwide lockdowns ended in May.
- July's record 25% increase follows a 21% monthly increase in June.
- There were 5.86 million homes sold during the month, and sales hit the highest rate since December 2006.
Why you'll hear about this again: The median sale price of a used home rose to $304,100 in July, the first time the metric has ever risen over $300,000.
- Home prices have risen 8.5% year over year.
- The median price of a used home in June was $294,500, up from $283,600 in May.