Sep 23, 2020 - Economy & Business

The U.S. housing boom continues

Data:; Chart: Axios Visuals
Data:; Chart: Axios Visuals

The housing market continued its boom in August and U.S. existing home sales surged to their highest level in nearly 14 years, setting a new record for average home price.

What happened: Following July's record-shattering 24.7% gain, sales increased 2.4% to a seasonally adjusted annual rate of 6 million, according to the National Association of Realtors.

  • Sales rose 10.5% from August 2019, the biggest increase since December 2006.
  • The boom was fueled largely by demand for luxury homes.

By the numbers: The median price of an existing home sold in August rose to a record high of $310,600, up 11.4% year over year.

  • There were 1.5 million homes for sale at the end of August, down 18.6% annually to a three-month supply, NAR said.
  • The number of homes for sale when sales were last this high, in 2006, was more than double the current supply.
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