as the housing market recovery from the coronavirus pandemic continues, fueled by low mortgage rates and pent-up demand.
"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, NAR's chief economist, in a statement. "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.
In addition, the median existing-home price was $304,100 in July, up 8.5% from a year earlier. It's the 101st month where home prices have increased on the year, and marks the first time ever that national median home prices have exceeded $300,000.
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