U.S. existing home sales rebounded at a record pace in June

The National Association of Realtors announced that total existing home sales, which include single family, condominium, townhomes, and co-ops, increased 20.7% in June from the number of sales in May. This reversed three months of sales declines caused by the pandemic. Real estate sales in all regions of the country reported record month over month increases in sales. The number of sales were still down 11.4% from the number of sales last June, but pending sales have increased and the N.A.R. and associations around the country expect sales to be back up to last years levels in the next two months. The median price paid for a home was up 3.5% from the price paid last June. Inventory levels dropped to a 4 month supply, down from 4.3 months one year ago.

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