Existing home sales in August topped 6 million for the first time since 2006 as big-city renters continued to flock to the suburbs for more space, including a home office and a yard to accommodate their new normal.
The 1.27 million existing homes for sale represent a mere 2.8 months of supply.
Meanwhile, existing homeowners are hesitant to put their houses on the market, given uncertainty around the coronavirus pandemic and fears that they won’t be able to find their next house. Inventory is scarce, with only 1.27 million existing homes for sale, representing a mere 2.8 months of supply, according to data released on Tuesday by the National Association of Realtors. This market of rabid buyers and reluctant sellers has led to bidding wars, driving up the median existing home price to $310,600, an 11.4% year-over-year increase.
Source: National Association of Realtors
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