The National Association of Realtors (NAR) announced on Wednesday that the U.S. existing home sales climbed 20.7 percent m-o-m to a seasonally adjusted rate of 4.72 million in June from 3.91 million in May, pointing to a market turnaround after three straight months of sales declines caused by the ongoing pandemic. This was the largest increase in existing home sales on record.

Economists had forecast home resales jumping to a 4.78 million-unit pace last month.

In y-o-y terms, however, existing-home sales fell 11.3 percent in June.

According to the report, each of the four major regions recorded m-o-m growth, with the West experiencing the greatest sales recovery. Single-family home sales stood at 4.28 million in June, up 19.9 percent from 3.57 million in May, and down 9.9 percent from one year ago. The median existing single-family home price was $298,600 in June, up 3.5 percent from June 2019. Meanwhile, existing condominium and co-op sales were recorded at a seasonally adjusted annual rate of 440,000 units in June, up 29.4 percent from May and down 22.8 percent from a year ago. The median existing condo price was $262,700 in June, an increase of 1.4 percent from a year ago.

“The sales recovery is strong, as buyers were eager to purchase homes and properties that they had been eyeing during the shutdown,” noted Lawrence Yun, NAR’s chief economist. “This revitalization looks to be sustainable for many months ahead as long as mortgage rates remain low and job gains continue.”