August Existing Home Sales Surge to Highest Level Since 2006

Existing home sales climbed 2.4% in August to a seasonally adjusted annualized rate of 6 million units, as record-low mortgage rates continue to help fuel strong housing demand. Sales were up 10.5% from August 2019, according to National Association of Realtor (NAR) data, with the Northeast leading the way but sales strong in all regions of the U.S. If anything, the numbers could have been stronger if not for a lack of supply. The NAR said there were 1.49 million homes for sale at the end of August, down 18.6% annually.