Gross sales of beforehand owned properties rose in August for the third consecutive month of gross sales will increase, the Nationwide Affiliation of Realtors mentioned Tuesday, an indication that potential residence consumers stay motivated to purchase regardless of the pandemic.
Gross sales increased 2.4% from a month earlier to a seasonally adjusted annual fee of 6 million, based on NAR.
On an annual foundation, gross sales rose 10.5% in August, placing this summer season’s housing market effectively forward of final yr’s gross sales ranges, as extra folks working from residence have both sped up their residence buying plans or determined to purchase for the primary time. The increase in gross sales is most pronounced on the higher finish of the market.
“The posh housing sector is simply merely taking off,” mentioned Lawrence Yun, chief economist of NAR.