Existing Home Sales at Highest Level in 14 Years


Annualized sales are at the highest level since December of 2006.

The National Association of Realtors reports an Annualized Sales Rate of 6 Million in August, the highest since December of 2006.

Key Points

  • Median Price: The median existing-home price for all housing types in August was $310,600, up 11.4% from August 2019 ($278,800), as prices rose in every region. August’s national price increase marks 102 straight months of year-over-year gains.
  • Lumber: "Over recent months, we have seen lumber prices surge dramatically,” Yun said. “This has already led to an increase in the cost of multifamily housing and an even higher increase for single-family homes." 
  • Inventory Total housing inventory at the end of August totaled 1.49 million units, down 0.7% from July and down 18.6% from one year ago (1.83 million). Unsold inventory sits at a 3.0-month supply at the current sales pace, down from 3.1 months in July and down from the 4.0-month figure recorded in August 2019.
  • Fire Impact: Yun, says the inventory issue has worsened in the past month due to the dramatic surge in lumber prices and the dearth of lumber resulting from California wildfires. 
  • Sales Time: Properties typically remained on the market for 22 days in August, seasonally equal to the number of days in July and down from 31 days in August 2019. Sixty-nine percent of homes sold in August 2020 were on the market for less than a month.

Regional Sales Breakdown

  • Northeast: Existing-home sales in the Northeast jumped 13.8%, recording an annual rate of 740,000, a 5.7% increase from a year ago. The median price in the Northeast was $349,500, up 10.4% from August 2019.
  • Midwest: Existing-home sales increased 1.4% in the Midwest to an annual rate of 1,410,000 in August, up 9.3% from a year ago. The median price in the Midwest was $246,300, a 10.7% increase from August 2019.
  • South: Existing-home sales in the South rose 0.8% to an annual rate of 2.60 million in August, up 13.0% from the same time one year ago. The median price in the South was $269,200, a 12.3% increase from a year ago.
  • West: Existing-home sales in the West inched up 0.8% to an annual rate of 1,250,000 in August, a 9.6% increase from a year ago. The median price in the West was $456,100, up 11.8% from August 2019.

Existing Home Sales Median Price

Exiosting Home Sales Median Price 2020-08

Fed Bubble Blowing

If you don't want to see evidence of Fed bubble blowing, then please don't look at a chart of median sales prices.

Also recall that The Fed Now Owns Nearly One Third of All US Mortgages.


Comments (40)
No. 1-9

So northeast driving the sales, makes sense as people abandon New York while Covid running wild.


This will end once covid comes to the suburbs. This will happen this fall. Covid could care less where you live.


Some people have money/credit to sparte?


The median home price in Austin jumped 14% yo.y., to $ 395K in the city proper. Not quite so much in the burbs. Active listings are down 34% and inventory is low....just one month of supply

I'm feeling pretty good about the houses I own here ....I was expecting good appreciation, but COVID has had a major impact on the shifting demographics. I've been buying fairly steadily since 2009.

They all flow good cash and my leverage is fairly low.

Maybe time to refinance....but all the ones I have mortgaged are already locked in for 30 years at excellent rates.

Tell me again why this bubble is such a bad thing?


But when it comes to housing, they seldom all burst at the same time.

Barring a world-wide deflationary depression, I challenge anybody to name a better investment than single family homes in Austin TX. And if we do have a depression, at least assets with tangible value won't fall to zero.


The news is NEVER bullish near bottoms, only near tops.


Must be the top 10% doing the house buying!

September 22, 2020

Americans are becoming increasingly pessimistic about the US economic rebound, with almost 90 per cent saying Washington needs to pass a new stimulus package to mitigate the fallout from the coronavirus pandemic.


This is probably the last surge of buyers before the real estate market slows. it happened in 1979-80 as interest rats hiked to the moon, and in 2005 when is started slowing down and then crashed into 2011-12 with excessive supply from foreclosures. This time around we have cheap interest rates as the carrot and a declining work force that would normally be buying. Add in the older population that currently own homes that will become future supply and... poof.


I wrote Friday that there is a party house full of 20 somethings that the parties ended mysteriously the same time the PUA ended early August. Then I was excited because the house had a for sale sign out front. I looked it up and they want $260K for it. It is 3 bed 2 bath 2 car garage with pool and lanai and just less than 1/3 acre.

Does anyone remember that, did anyone read it?

Well a couple weeks ago the lawn sprouted a Remax for sale sign so I looked it up on the MLS and sure enough it is a party house. Painted in garish colors and with a great pool and hot tub, a outdoor BBQ space, and ping pong table, wired for music outside and the house had a few other items that were listed as sales pluses like stone counters.

Well my house is a three bed three bath two car garage, with extra shop space. It is over a third acre, and my lanai is not aluminum and screen but real beams and the whole house is architect designed and built, it has 17 foot ceilings in the garage, master and living/dining rooms. Living and dining room are one big room, but at 40 feet it does not seem like they are one room, and it would be hard to describe all the things about my house that made me want it, like the fireplace on the end of the living room wing that soars 17 feet and has sidelight windows on both sides that go to the roof from the floor. Or the 4 panel sliders that open all the way in what they call pocket sliders in Florida, so you can open them and presto 25 feet of living room wall is not there. Open to the pool.

But the best part for me (live alone no kids or pets) is that a large chunk of the house is the master space, it is a third of the house. The bedroom is 28 by 32 feet.

It has three walk in closets, a water closet for the toilet, a shower/jacuzzi nook, vanity for two, a walk in closet 13X8 and another 8'1" by 7'4" so his and hers or his and his, or one huge closet and an office instead of two huge closets, and the third walk in is basically a linen closet. The suit has it's own 8 foot hall. Again 17 foot ceilings and floor to ceiling windows and every window in the house has marble sills.

Every counter surface is about the most expensive stone you can get. The walk in pantry even has it. I could go on and on, it is a very special place. And I got it for less in April than some ticky tacky set of drywall boxes are fetching only 6 months later. My house is on more than a third acre set far back on the property, I can see no neighbors from any window. I do have a next door neighbor but they are in their 90's and scared to death of Covid so we have only spoken by phone. No house in this subdivision is without a greenspace behind it either golf course or forest.

So when I saw today that there is a pending sale for full price after little more than a week on the market for the party house that is so much smaller for more than I paid for this house I was pretty shocked. That house would have sold for maybe 199,500 in January.

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