US Home Sales Spike 24.7% In July, Another Record

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.

Sales exploded in every region in the country, led by the Northeast and West, where sales grew by more than 30%. The Midwest was close behind as sales there rose 27.5%, while sales in the South rose 19.4%.

The jump in home sales, or closings, jibe with pending home sales report from May, when signed contracts jumped a record 44.3%. That report is a barometer of finalized purchases over the next two months in this case, the record setting months of June and July.

Sales of both existing and new homes fell sharply during the traditional spring selling season as communities were locked down to prevent the spread of the coronavirus. But as areas have lifted restrictions and people are figuring out how to go about business under pandemic conditions, home sales have skyrocketed.

Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor