On July 22, 2020, National Association of Realtors® (NAR) reported that nationwide existing home sales rose 20.7% to annual rate of 4.72 million homes in June of 2020 from 4.33 million homes in May of 2020, but dropped 11.3% from 5.32 million homes from June of 2019.
There were 1.57 million homes supplies of available inventory in June of 2020, higher 1.3% from May of 2020, but fell 18.2% from 1.92 million homes in June of 2019; while, there were 4.0 months available inventory in June of 2020 lower from 4.8 months in May of 2020, and down from 4.3 months of inventory from June of 2019.
On average it took 24 days to sell a home in June of 2020, decreased from 26 days in May of 2020, and declined from 27 days in June 2019.
First time buyers acquired 35.0% of homes in June of 2020, up from 34.0% in May of 2020, but unchanged from 35.0% in June of 2019.
Cash buyers purchased 16.0% of all sales in June of 2020, down from 17.0% in May of 2020, but unchanged from 16.0% in June of 2019.
Investors purchased 9.0% of homes in June of 2020, dropped from 17.0% in May of 2020, and below from 10.0% in June of 2019, according to NAR on July 22, 2020.
Lawrence Yun, NAR chief economist, stated “This revitalization looks to be sustainable for many months ahead as long as mortgage rates remain low and job gains continue.”
For more complete information, on NAR's June 2020 existing home sales report, please click HERE
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