From the Washington Post:
Despite record unemployment and a sharp decline in the number of homes for sale, both existing and newly built homes reached their highest pace of sales since 2006 in August.
The National Association of Realtors reported that existing-home sales were up 10.5 percent in August 2020 compared to August 2019, rising to an annual rate of 6 million homes sold year-to-date, the highest level since December 2006. Every region saw more existing homes sold in August 2020 compared to July 2020 and to August 2019. Homes typically sold in 22 days in August 2020, down from 31 days in August 2019.
New-home sales also rose sharply in August to their highest level since September 2006. Sales of newly built homes reached an annual rate of 1.01 million in August 2020, 43.2 percent higher than in August 2019, according to the Census Bureau. New-home sales were also up 4.8 percent compared to July 2020.
Realtor.com’s Weekly Housing Report for the week ending Sept. 19 found that nearly 400,000 fewer homes have been listed since the beginning of the pandemic in March compared to that same period in 2019. As a result, homes are selling 12 days faster than in 2019 and prices have accelerated for the 19th week in a row.