Sales of existing homes rose 2.4% in August to its highest level since 2006 as the housing market continues to recover from a huge spring decline caused by the coronavirus outbreak.
Catch up on the developing stories making headlines.SILVER SPRING, Md. -- Sales of existing homes rose 2.4% in August to its highest level since 2006 as the housing market recovers from a widespread shutdown in the spring brought on by theThe National Association of Realtors said Tuesday that sales rose to a seasonally adjusted annual rate of 6 million homes sold last month. Sales are up 10.5% from a year ago and back to pre-COVID-19 levels of early 2020.
The median price for an existing single-family home reached $315,000 in August, up 11.7% from August 2019. Last month was the first time the median price for a home breached $300,000. Properties remained on the market for 22 days in August, down from 31 days in August of last year, NAR's report noted. It said 69% of homes sold in August 2020 were on the market for less than a month.
Many economists fear the lack of inventory will continue to stoke higher prices, pushing many would-be first-time buyers out of the market. First-time buyers made up about a third of purchases in August, about the same as all of 2019, according to a report from NAR that year. Historically, the Realtor group says, first-time buyers have made up about 40% of the primary residence home buyers in the market.
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