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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

American dream deferred

Photo illustration: Aïda Amer/Axios. Photos: Lambert Studios (ARC), H. Armstrong Roberts (ClassicStock)/Getty Images

The U.S. government partnered with the private sector for decades to prevent Black Americans and immigrants from owning homes, and while explicit rules regulating where people of color live were outlawed in 1968, the legacy of racial segregation in undervalued neighborhoods still reverberates throughout the country.

Why it matters: Owning a home is an integral piece of the American dream, and the single most important driver of wealth generation and financial security — especially for Black households.

Updated 34 mins ago - Politics & Policy

Officer Kim Potter arrested, charged with manslaughter in Daunte Wright's death

Photo: Bruce Bisping/Star Tribune via Getty Images

Kim Potter, the former police officer charged with second-degree manslaughter in the fatal shooting of Daunte Wright, was released on a $100,000 bond on Wednesday, Hennepin County jail records show.

Why it matters: Sunday's shooting of the 20-year-old Black man in Brooklyn Center, Minnesota, just 10 miles from where George Floyd was killed by a Minneapolis police officer last year, has reinvigorated Black Lives Matter protests and led to three consecutive nights of unrest.

Updated 50 mins ago - Politics & Policy

Biden names Erika Moritsugu as senior AAPI liaison

Erika Moritsugu. Photo courtesy: National Partnership for Women & Families

President Biden has named Erika Moritsugu as deputy assistant to the president and Asian American and Pacific Islander senior liaison, the White House announced Wednesday.

Driving the news: The decision follows weeks of pressure from AAPI leaders to include more Asian American representation at the Cabinet level and in senior administration roles.

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