(CNN) Buoyed by record low mortgage rates and an influx of remote workers seeking more living space , existing home sales surged by a record setting 24.7% month-over-month in July with prices hitting an all-time high, according to the National Association of Realtors (NAR). Total existing home sales, which includes sales of single family homes, townhomes, condominiums and co-ops, rose 8.7% from July 2019, NAR reported. "Usually home sales move within a few percentage points, but to see 20% gains is quite surprising," he said. He noted that sales of homes under $100,000 were 10% lower in July than a year ago. But for the homes in price ranges that were above $250,000, sales grew by 20% or more.

Source: CNN August 21, 2020 21:00 UTC