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Data: Investing.com; 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.

Go deeper

Dion Rabouin, author of Markets
Oct 21, 2020 - Economy & Business

Why the stimulus delay isn't a crisis (yet)

Illustration: Aïda Amer/Axios

If the impasse between House Speaker Nancy Pelosi and the White House on a new stimulus deal is supposed to be a crisis, you wouldn't know it from the stock market, where prices continue to rise.

  • That's been in no small part because U.S. economic data has held up remarkably well in recent months thanks to the $2 trillion CARES Act and Americans' unusual ability to save during the crisis.
42 mins ago - Health

U.S. tops 88,000 COVID-19 cases, setting new single-day record

Expand chart
Data: COVID Tracking Project; Chart: Axios Visuals

The United States reported 88,452 new coronavirus cases on Thursday, setting a single-day record, according to data from the COVID Tracking Project.

The big picture: The country confirmed 1,049 additional deaths due to the virus, and there are over 46,000 people currently being hospitalized, suggesting the U.S. is experiencing a third wave heading into the winter months.

Updated 2 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Health: Large coronavirus outbreaks leading to high death rates — Coronavirus cases are at an all-time high ahead of Election Day.
  2. Politics: Top HHS spokesperson pitched coronavirus ad campaign as "helping the president" — Space Force's No. 2 general tests positive for coronavirus.
  3. World: Taiwan reaches a record 200 days with no local coronavirus cases.
  4. Sports: MLB to investigate Dodgers player who joined celebration after positive COVID test.
  5. 🎧Podcast: The vaccine race turns toward nationalism.

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