Economists' Outlook

Housing stats and analysis from NAR's research experts.

August 2020 Existing-Home Sales Reach Highest Level Since December 2006

NAR released a summary of existing-home sales data showing that housing market activity this August rose 2.4% from July 2020. August’s existing-home sales reached a 6.00 million seasonally adjusted annual rate. August’s sales of existing homes jumped 10.5% from August 2019.

Line graph: U.S. Existing-Home Sales August 2019 to August 2020

The national median existing-home price for all housing types was $310,600 in August, up 11.4% percent from a year ago.  The median price has reached an all-time high. Home prices have continued to escalate, and this marks the 102nd consecutive month of year-over-year gains.

Bar chart: Sales Price of Existing Homes, August 2020 and August 2019

Regionally, all four regions showed double-digit price growth from a year ago. The South had the largest gain of 12.3% followed by the West with an incline of 11.8%. The Midwest showed an increase of 10.7% and the Northeast had the smallest price gain of 10.4% from August 2019.

August’s inventory figures fell 0.7% from last month standing at 1.49 million homes for sale. Compared with August of 2019, inventory levels plunged 18.6%. This would mark 15 straight months of year-over-year declines. It will take 3.2 months to move the current level of inventory at the current sales pace.

It takes approximately 22 days for a home to go from listing to a contract in the current housing market. A year ago, it took 31 days.

Bar chart: Inventory, August 2019 to August 2020

From July 2020, all of the four had gains in sales. The Northeast had the largest gain of 13.8% followed by the Midwest with an incline of 1.4%. The South and the West both had a modest increase of 0.8%.

From a year ago, all four regions showed increases in sales. The South region had the largest gain of 13.0%. The West had an increase in sales of 9.6% followed by the Midwest with a rise of 9.3%. The Northeast had the smallest gain of 5.7%.

The South led all regions in percentage of national sales, accounting for 43.3% of the total, while the Northeast had the smallest share at 12.3%.

Bar chart: Regiojnal Existing-Home Sales and Year-Over-Year Percent Change

In August, single-family sales were up 1.7% and condominiums sales were up 8.6% compared to last month. Single-family home sales were up 11.0% while condominium sales were up 6.8% compared to a year ago. Single-family homes had an increase in price up 11.7% at $315,000 and condominiums rose 7.8% at $273,300 from August 2019.

Line graph: Single Family vs. Condo Price Year-Over-Year Percent Change January 2019 to August 2020
Line graph: Single Family vs. Condo Price Month-Over-Month Percent Change, January 2019 to August 2020

Advertisement

Comment Policy

The opinions expressed in reader comments sections on this website are those of the reader and not NAR or REALTOR® Magazine.

About Economists' Outlook

Visit this blog daily to see what NAR experts are saying about the economy, the housing market, and other factors that will impact your business.

Housing Minute

Housing Minute is a monthly video series highlighting the latest housing data from the National Association of REALTORS® in a minute or less.