Home Sales are... Amazing! See Why

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Real Estate

Existing-home sales marked their third consecutive month of positive gains in August, according to the latest data from the National Association of Realtors, with total existing-home sales—including single-family, townhomes, condominiums, and co-ops—rising 2.4% from July to a seasonally adjusted annual rate of 6 million in August. Sales rose by 10.5% year over year, up from an annual rate of 5.43 million in August 2019.

"Home sales continue to amaze, and there are plenty of buyers in the pipeline ready to enter the market"

"Further gains in sales are likely for the remainder of the year, with mortgage rates hovering around 3% and with continued job recovery."

Lawrence Yun, NAR chief economist. 

The median existing-home price for all housing types rose 11.4% YOY, up from $278,800 in August 2019 to $310,600 in August 2020. This marks 102 consecutive months of year-over-year gains. Total housing inventory fell by 0.7% from July 2020 and 18.6% from one year ago, down to 1.49 million units in August. Unsold inventory sits at a three-month supply, down from four months one year ago.

Alone, single-family home sales sit at a seasonally adjusted annual rate of 5.37 million in August, up 11% from one year ago and 1.7% from July. The median existing single-family home price was $315,000 in August, up 11.7% from one year ago.

Here in the Triangle, NC, The median single family home prices have risen 9.1% with median sale price of $304,500.  

Days on Market:  20!!  Whaa

Existing lumber scarcity has worsened in the past year due to skyrocketing prices and wildfires in California.  This supply shortage comes as demand for new housing continues to rise, especially in areas where residents can work from home.

"Housing demand is robust but supply is not, and this imbalance will inevitably harm affordability and hinder ownership opportunities,"

"To assure broad gains in homeownership, more new homes need to be constructed."

"Over recent months we have seen lumber prices surge dramatically.  This has led to .......an even higher increase in the cost of single-family homes"

Lawrence Yun, NAR chief economist. 


- Home sales are steady, strong and nothing short of amazing!

- Interest rates continue historic lows.

- Buyers are there & looking for homes.

- New construction homes may see price increases due to lumber shortages making existing homes more affordable.  *Don't forget to bring me or your Realtor when buying new construction.  The onste agent does not work for you, they work for the builder.