In this April 1, 2020 photo, a "For Sale" sign stands in front of a home that is in the process of being sold in Monroe, Wash., outside of Seattle. (AP Photo/Elaine Thompson, File)
By Matt Ott
U.S. home sales rose a record-breaking 24.7% in July, extending June's rebound after the coronavirus pandemic all but froze the housing market this spring.
National Association of Realtors said Friday that sales of existing homes jumped last month to a seasonally adjusted annual rate of 5.86 million. With two straight months of record-breaking gains, purchases are now up 8.7% from a year ago. Home sales rose 20.7% in June, a record that lasted one month.
The housing market has been one of the more resilient sectors of the economy during the pandemic, but market activity continues to hinge on supply, which was limited even before the coronavirus outbreak. New listings are running slightly higher than last year, but buyers are snatching up them quickly.
The median price for a home cracked the $300,000 mark for the first time ever, settling at $304,100, up 8.5% from July 2019.
Much like all the upheaval shaking the world, the huge swings rocking Wall Street may feel far from normal. But, for investing at least, this is normal.
Joe Cecela, Dream Exchange CEO, explains how they are aiming to form the first minority-controlled company to operate an exchange in U.S. history. Watch!
A Michigan judge is putting sponges in the hands of shoplifters and ordering them to wash cars in a Walmart parking lot when spring weather arrives. Genesee County Judge Jeffrey Clothier hopes the unusual form of community service discourages people from stealing from Walmart. The judge also wants to reward shoppers with free car washes. Clothier says he began ordering “Walmart wash” sentences this week for shoplifting at the store in Grand Blanc Township. He believes 75 to 100 people eventually will be ordered to wash cars this spring. Clothier says he will be washing cars alongside them when the time comes.
