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Contracts skyrocket in July as buyers flood market
August 4, 2020Posted by on
The real estate market saw a surge of new contracts in July, far outpacing previous-year numbers. Sales for the month posted modest gains, according to MRED’s Weekly Market Snapshot.
MRED’s review of data from across its member associations shows the number of contracts rose 58 percent when compared to July 2019. Although every contract will not ultimately result in a sale, the 23,918 contracts signal that the real estate market is poised to thrive at least into early fall.
Sales data show a modest increase in home sales in July, with a 3.5 percent increase over previous-year numbers.
Learn more about the real estate industry with the Weekly Market Snapshot, released each Tuesday. Click here to view the report.