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The U.S. housing market is setting records despite a pandemic.

Home Sales Grew by 24.7%

The number of existing home sales across the country grew by 24.7 percent to 5.86 million last month compared to the 4.72 million homes sold in June, according to a new report from the National Association of Realtors.

Month’s sales set a new record in month-over-month growth and represents the 101st consecutive month of reported gains. 

July also saw the first time the median home price exceeded $300,000. The median price last month was $304,100, up 8.5 percent year-over-year from $280,400. 

According to National Association of Realtors:

“The housing market is well past the recovery phase and is now booming with higher home sales compared to the pre-pandemic days,” Lawrence Yun, NAR’s chief economist, said in a statement.

Yun attributed the changes to homebuyers now working from home looking for larger homes, adding that he expects the trend to continue into 2021.

Housing Inventory

Total housing inventory dropped to 1.5 million last month, down 2.6 percent from 1.57 million in June.

Just over two-thirds of homes sold last month were on the market for under a month and all-cash deals accounted for 16 percent of sales. Distressed sales represented less than 1 percent of July transactions.

Mortgage rates hit record lows last month. The average 30-year, fixed-rate mortgage in July was 3.02 percent, according to Freddie Mac.

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