FILE - This Monday, April 27, 2020, file photo shows a sale pending sign on a home in Mount Lebanon, Pa. The coronavirus pandemic helped shape the housing market by influencing everything from the direction of mortgage rates to the inventory of homes on the market to the types of homes in demand and the desired locations.
National Association of Realtors said Friday that sales of existing homes jumped last month to a seasonally adjusted annual rate of 5.86 million. With consecutive months of record-breaking gains, purchases are up 8.7% from a year ago. Home sales rose 20.7% in June, a record that lasted one month. The dearth of home available for purchase is pushing prices higher. The median price for a home cracked the $300,000 mark for the first time ever, settling at $304,100. That up a sharp 8.5% from July 2019.
And homes put up for sale are vanishing from more quickly. Homes were on the market for an average of 22 days in July, down by two days from June, and they are disappearing 7 days faster than they did in the same month last year. NAR said more than two-thirds of homes sold in July were on the market for less than a month.
its time
Just like always, the media is actively cheering the fact poor and middle class folks are getting economically forced into selling their homes to accumulated and inherited capital....After 2008, you have learned nothing and we need to spread the protests to your doors
It is probably people buying property to rent out while taking advantage of Covid-19 lockdowns. More landlords. yay.
Who is buying? Russians?
COVID-19 nesting.
Cool! That many more unaffordable rentals on the market! Bought by the same people who want us to feel sorry for them because their current renters are unemployed and can’t pay their bills for them
Is it because people defaulted on their mortgages and banks foreclosed and then other people swooped in to take advantage of that misfortune?
Must be Trumps daily, right liberals?
Also, the new Nas album has dropped. It won't disappoint you like the housing market.
That Trump economy keeps roaring.
More than likely the spike is in large part due to business investors buying foreclosure or quick sales due to depressed conditions of owners. The rich again taking advantage of the plot of Americans falling on hard times due to the pandemic. Republican's dream.
Were they sales to people moving in or investors? My good friend has been doing an unusual amount of cash sales, much more than usual. Cash generally indicates an investor not a family.
Now do foreclosers
It's a buyer's market and has been for awhile now.
That’s because people are fleeing major cities like New York, Philadelphia, Los Angeles, San Francisco, Seattle, etc. New York is BEGGING people to return. Their census hasn’t even reached 60% from 10 years ago. People are done with big city politics.
How many of these purchases were by huge conglomerates though this sucks
That stimulus check was a godsend 😎😎
The rich keep getting richer & the poor keep getting more poor
Possible explanation = backlog from depressed Spring activity and inventory + normal Summer boon + people realizing that small home's aren't enough in a WFH economy. Good signs.
Mmmm sad
Bannon is broadcasting
how many of those homes were purchased as investment properties vs primary residences? because that kind of matters.
This is typically not any good news at all. You always want to buy when the interest rates are higher so in the long run when something like this happens you can refinance for a lower rate.
I wonder if this is sustainable? People staying home more may be investing in nicer homes...to make it easier to stay home. This does not bode well for life after the virus. We're never going back, not completely, even after a vaccine.
Keep inflating that bubble