While COVID cases continue to fluctuate across the country, the national outlook on home sales is finally on the up and up. As reported by World Property Journal, new numbers out from the National Association of Realtors shows existing-home sales rebounded at a record pace in June, jumping 20.7% from May to a seasonally adjusted annual rate of 4.72 million in June.
Each of the four major regions achieved month-over-month growth, with the West experiencing the greatest sales recovery. Welcome news following back-to-back months of declining sales in the face of COVID fears and a stalled economy.
“The sales recovery is strong, as buyers were eager to purchase homes and properties that they had been eyeing during the shutdown,” said Lawrence Yun, NAR’s chief economist, to World Property Journal. “This revitalization looks to be sustainable for many months ahead as long as mortgage rates remain low and job gains continue.”
Sales overall, however, dipped year-over-year, down 11.3% from a year ago, or an adjusted total of 5.32 million in June 2019.
When it comes to who’s buying, the NAR reports that First-time buyers were responsible for 35% of sales in June—up from 34% in May. Investors and multi-home buyers purchased 9% of homes in June, down from 14% in May. Foreclosures and short sales made up 3% of sales in June, even from the previous month.