Sales of existing homes south of the border took one giant leap -- with apologies to moonwalker Neil Armstrong -- the figure rocketing nearly 21% in June compared with May, according to the National Association of Realtors.
This number released Wednesday by the National Association of Realtors is the largest monthly gain since the Realtors began tracking the data point in 1968. It came after sharp declines over the previous three months due to the coronavirus pandemic. Sales were still 11.3% lower annually.
This count is based on closings, so it represents contracts signed in late April and May, before much of the national economy began to re-open and coronavirus cases started to surge again.
Home sales could have been more robust, had there simply been more homes for sale. The supply of existing homes available fell a remarkable 18.2% annually to just 1.57 million homes for sale at the end of June. Based on the current sales pace, that represents a four-month supply. Last June there were 350,000 more homes for sale.
