Existing home sales jump to 14-year high, as prices set another record

After a record-setting July, the housing market still shows no sign of cooling off.

Sales of existing homes rose 2.4% to a seasonally adjusted annualized rate of 6 million units, according to the National Association of Realtors. Sales were 10.5% higher compared with August 2019. This is the highest sales pace since December 2006, before the Great Recession.

Sales were hampered only by lack of supply. There were 1.49 million homes for sale at the end of August, down 18.6% annually to a 3.0-month supply. The number of homes for sale when sales were last this robust, in 2006, was more than double the current supply.

That tight supply pushed the median price of an existing home sold in August to a record high of $310,600. That is up 11.4% annually. In the third quarter of this year the housing wealth will have increased by $1.5 trillion from the second

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US House Prices Hit Record High; Home Sales At 14-Year Peak

U.S. home sales surged the most in nearly 15 years last month, while median prices hit an all-time high and sale times narrowed as housing continues to pace the nation’s economic recovery. 

Existing home sales rose 2.4% from last month to a unit rate of 6 million, the third consecutive month of gains and the highest pace of gains since 2006, according to data published Tuesday by the National Association of Realtors. Sales as a whole rose 10.5% from last year, the NAR said.  

The median price of house sales also increased, rising 11.4% from the same period last year to a record high of $310,600, marking 102 consecutive year-over-year gains for the monthly data as demand for larger-area living spaces outside of traditional urban centers continues to increase. 

Inventory for sale is also fairly constrained, at just 2.8 months’ supply, with the NAR noting that total housing inventory at

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U.S. existing home sales approach 14-year high; prices scale record peak

By Lucia Mutikani

WASHINGTON (Reuters) – U.S. home sales surged to their highest level in nearly 14 years in August as the housing market continued to outperform the overall economy, but record high home prices could squeeze first-time buyers out of the market.

The report from the National Association of Realtors confirmed home sales had recovered after slumping when the economy almost ground to a halt as businesses were shuttered in mid-March in an effort to slow the spread of COVID-19.

Demand for housing is being fueled by record-low mortgage rates and a pandemic-fueled migration to suburbs and low-density areas in search of more spacious accommodation as many people work from home. Federal Reserve Chair Jerome Powell told a congressional panel on Tuesday that the economy has shown “marked improvement” since plunging into recession in February, though the path ahead remains uncertain.

“The housing market has continued its remarkable recovery

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