The housing market continued to boom in August as existing home sales reached a pace not seen in more than a decade, fueled in part by demand from high-end buyers.
The seasonally adjusted annual rate of existing home sales reached 6 million for the first time since December 2006, the National Association of Realtors, or NAR, said Tuesday morning.
The housing market is demonstrating a “super V-shaped” recovery as home sale activity outperforms pre-pandemic levels, NAR chief economist
said on a Tuesday call with reporters. Existing home sales rose 2.4% from July and 10.5% year-over-year, the trade group reported. Among single-family homes, those that sold for $1 million or more rose 44% compared with last year, more than any other price point.
“Right now, it is a booming market on the upper-end,” Yun said, citing a trend toward homes with more room that