That is the strongest monthly gain in the history of the survey, going back to 1968, and the highest sales pace since December 2006. The increase in sales came as supply fell, prices rose and mortgage rates stayed low. The supply of existing homes plummeted by 21.1 percent annually, with just 1.5 million homes for sale at the end of July. This represents a 3.1-month supply at the current sales pace, down from a 4.2-month supply one year ago. This is a record high nominal price but also the highest price when adjusted for inflation.

Source: The Standard August 21, 2020 14:15 UTC