Sales of previously owned homes rose in August for the third consecutive month of sales increases, the National Association of Realtors said Tuesday, a sign that prospective home buyers remain motivated to buy despite the pandemic.
Sales increased 2.4% from a month earlier to a seasonally adjusted annual rate of 6 million, according to NAR.
On an annual basis, sales rose 10.5% in August, putting this summer’s housing market well ahead of last year’s sales levels, as more people working from home have either sped up their home purchasing plans or decided to buy for the first time. The boom in sales is most pronounced at the upper end of the market.
“The luxury housing sector is just simply taking off,” said Lawrence Yun, chief economist of NAR.
Economists polled by The Wall Street Journal had expected home sales to rise 3.2% in August. In July, existing-home sales had risen