US home sales spike by record-breaking 24.7% in July, extend June rebound

U.S. home sales rose a record-breaking 24.7% in July, extending June's rebound after the coronavirus pandemic all but froze the housing market this spring.

National Association of Realtors said Friday that sales of existing homes jumped last month to a seasonally adjusted annual rate of 5.86 million. With two straight months of record-breaking gains, purchases are now up 8.7% from a year ago. Home sales rose 20.7% in June, a record that lasted one month.

The housing market has been one of the more resilient sectors of the economy during the pandemic, but market activity continues to hinge on supply, which was limited even before the coronavirus outbreak. New listings are running slightly higher than last year, but buyers are snatching up them quickly.

The median price for a home cracked the $300,000 mark for the first time ever, settling at $304,100, up 8.5% from July 2019.