While the rebound in existing home sales is expected to slow (from the massive beat: +24.7% MoM surge in July), analysts still expected SAAR to extend its gains to the highest since 2006… and it did.
As expected, Existing Home Sales rose 2.4% MoM in August to 6.00mm SAAR – the highest since Dec 2006.
“Home sales continue to amaze, and there are plenty of buyers in the pipeline ready to enter the market,” said Lawrence Yun, NAR’s chief economist.
“Further gains in sales are likely for the remainder of the year, with mortgage rates hovering around 3% and with continued job recovery.”
This is the highest YoY jump since Nov 2016.