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Data: Investing.com; 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.

Go deeper

Cyber Monday sales projected to grow 15%-35% from 2019

A USPS worker unpacks packages from a truck on Dec. 02, 2019 in San Francisco. Photo: Justin Sullivan/Getty Images

Cyber Monday has never been more meaningless, given the kickoff of the holiday season this year has been more virtual than ever thanks to the pandemic.

Why it matters: Consumers spent roughly $9 billion online on Black Friday, a 22% jump from last year's previously record high, according to Adobe Analytics.

11 mins ago - World

Russia fires warning shot at British destroyer in Black Sea

The HMS Defender in the port of Odessa on Ukraine's Black Sea coast on June 18. Photo: Konstantin Sazonchik\TASS via Getty Images

A Russian warship and fighter jet fired "warning" shots at the British Royal Navy’s HMS Defender destroyer for encroaching on waters near Crimea in the Black Sea, Russia's defense ministry said Wednesday.

Why it matters: It's the first time since the Cold War that Russia has used live ammunition to deter a NATO vessel, according to AP.

Mike Allen, author of AM
Updated 24 mins ago - Politics & Policy

First look: WaPo Trump book's secret title revealed

Cover: Penguin Press

The Washington Post's Carol Leonnig and Philip Rucker will be out July 20 with "I Alone Can Fix It: Donald J. Trump’s Catastrophic Final Year," Penguin Press announced.

Breaking: Axios has learned that The Wall Street Journal's Michael Bender is moving "Frankly, We Did Win the Election" up to July 20, matching Leonnig-Rucker, from his earlier pub date of Aug. 10.