Steel Markets
August 21, 2020
Existing Home Sales Soar to Monthly Record Increase
Written by Sandy Williams
Existing-home sales made a record monthly jump of 24.7 percent in July to a seasonally adjusted rate of 5.86 million. Sales have soared the past two months.
“The housing market is well past the recovery phase and is now booming with higher home sales compared to the pre-pandemic days,” said Lawrence Yun, National Association of Realtors’ chief economist. “With the sizable shift in remote work, current homeowners are looking for larger homes and this will lead to a secondary level of demand even into 2021.”
