Existing Home Sales Set New Record High in July

The National Association of Realtors® (NAR) is reporting that total existing-home sales on July, which are completed transactions that include single-family homes, townhomes, condominiums and co-ops, set a new monthly record increasing 24.7% above June, to a seasonally-adjusted annual rate of 5.86 million. The previous record monthly increase in sales was 20.7% in June of this year. Sales as a whole rose year-over-year, up 8.7%, 5.39 million in July 2019. Total housing inventory at the end of July totaled 1.50 million units, down from both 2.6% in June and 21.1% from one year ago (1.90 million). Unsold inventory sits at a 3.1-month supply at the current sales pace, down from 3.9 months in June and down from the 4.2-month figure recorded in July 2019.