Fears of a virus floating around in the atmosphere have not deterred Americans from searching for, and finding, new digs, according to figures released Friday morning.
The National Association of Realtors reported sales of existing homes soared 24.7% in July compared with June, numbers which represent closed sales, meaning contracts signed in May and June.
That is the strongest monthly gain in the history of the survey, going back to 1968, and the highest sales pace since December 2006.
Sales were 8.7% higher compared with July 2019.
The boost in sales came as supply fell, prices rose and mortgage rates stayed low.
NAR figures also said the supply of existing homes plummeted 21.1% annually, with just 1.5 million homes for sale at the end of July. This represents a 3.1-month supply at the current sales pace, down from a 4.2-month supply one year ago. It is the lowest July supply in the history of the survey, dating back to the early 1980s.
