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Existing-home sales skyrocketed 24.7 percent in July to a seasonally-adjusted annual rate of 5.86 million units, representing an 8.7 percent increase in sales versus a year ago.

"Existing home sales are now at their highest level since late 2006," wrote NAFCU Chief Economist and Vice President of Research Curt Long in a new Macro Data Flash report. "Loosened shutdowns and rock-bottom mortgage rates pushed many buyers into the market across the country with strong gains in all four census regions."

Sales rose in all four regions during the month, most significantly in the Northeast (+30.6 percent), followed by the West (+30.5 percent), the Midwest (+27.5 percent), and the South (+19.4 percent).

"Overall sales growth should remain strong for the next several months given the surge in demand, but it will remain uneven as low-income areas are still shouldering most of the economic pains," Long added.

Based on current sales levels, there was 3.1 months of supply at the end of July, down 0.9 months from June. Analysts consider six months of supply to be roughly balanced between supply and demand.

The median existing-home price rose sharply from $294,000 in June to $304,100 in July (not seasonally-adjusted), representing an 8.5 increase from the median price a year ago.