August Home Sales Soar to a Record High: 5 Top Housing Picks

The U.S. housing sector is on a roll, with an increasing number of Americans leveraging on the record-low mortgage rates. The latest pending home sales data for August reached the highest level on record as more Americans signed contracts to buy homes in the month, suggesting that the hot U.S. housing market will maintain the strong spell well into fall.

All-Time High Pending Home Sales

The National Association of Realtors or NAR’s Pending Home Sales Index — a forward looking indicator of home sales based on contact signing — soared 8.8% from July to 132.8 in August, hitting a record high, according to the NAR survey since January 2001. Contract signings are 24.2% higher from the year-ago period as well.

It is worth mentioning that August marks the fourth consecutive month of gains as well as the third year-over-year rise since the pandemic hit the housing market hard. All four

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August pending home sales soar to a record high

A sale pending sign is posted in front of a home for sale in San Anselmo, California.

Justin Sullivan | Getty Images

Pending home sales rose 8.8% in August compared with July, reaching a record high pace, according to the National Association of Realtors survey, which dates back to January 2001.

Sales were 24.2% higher than August 2019.

These sales track signed contracts on existing homes, not closings, so they are an indicator of closed sales in the next one to two months.

“Tremendously low mortgage rates – below 3% – have again helped pending home sales climb in August,” said Lawrence Yun, NAR’s chief economist. “Additionally, the Fed intends to hold short-term fed funds rates near 0% for the foreseeable future, which should, in the absence of inflationary pressure, keep mortgage rates low, and that will undoubtedly aid homebuyers continuing to enter the marketplace.”

Yun also noted that not

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Million-Pound Home Sales Soar in U.K. as Rich Change Lifestyle

(Bloomberg) — Sales of U.K. homes costing over 1 million pounds ($1.3 million) doubled last month, outperforming the rest of the market as wealthier buyers sought more space following the Covid-19 lockdown.

Agreed sales were 105% higher than a year earlier in August, compared to a 61% increase in sales of less expensive properties, according to property website Rightmove. Million-pound homes are also finding buyers 18 days faster than in 2019.



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Hey Big Spender

U.K. real estate is booming after the lockdown held back months of transactions. Demand is being further fueled by a temporary tax reduction and the pursuit of lifestyle changes after the pandemic.

Pricey properties outside of London are benefiting most. Expensive homes jumped 244% in the largely rural county of Norfolk, 174% in Wiltshire and 165% in coastal Cornwall.

“Demand in higher price brackets is more responsive to external events,” said Tom Bill, head

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