Homes are selling at such an unusually rapid pace this summer that the only hiccup which could slow momentum into the fall is running out of houses to sell as inventory continues to shrink.
“We are witnessing a true V-shaped sales recovery as homebuyers continue their strong return to the housing market,” said Lawrence Yun, the NAR’s chief economist. “Home sellers are seeing their homes go under contract in record time, with nine new contracts for every 10 new listings.
”Pending home sales, which measure signed contracts to purchase existing homes, increased 5.9% in July compared with June, according to the National Association of Realtors. Sales were 15.5% higher annually
Yun said he does not expect sales to drop off in the historically slower fall season. He is predicting existing home sales to increase to a 5.8 million annualized pace in the second half of this year. That would bring the full-year total to 5.4 million, a 1.1% gain compared with 2019.