Aug 24, 2020 - Economy & Business

Existing home sales notch biggest monthly gain on record in July

Data:; Chart: Naema Ahmed/Axios
Data:; Chart: Naema Ahmed/Axios

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.
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