Aug 24, 2020 - Economy
Existing home sales notch biggest monthly gain on record in July
Add Axios as your preferred source to
see more of our stories on Google.
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.
