In a recent report from the National Association of Realtors (NAR), existing-home sales bounced back at a record pace last month. Once again, housing continues to lead the way in terms of a recovery, with sales climbing nearly 21% compared to May. All four major regions registered month-over-month growth with the West showing the most sales recovery.
Despite being down year-over-year, completed transactions include single-family homes, townhomes, condominiums and co-ops.
“The sales recovery is strong, as buyers were eager to purchase homes and properties that they had been eyeing during the shutdown,” said NAR Chief Economist Lawrence Yun. “This revitalization looks to be sustainable for many months ahead as long as mortgage rates remain low and job gains continue.”
Home prices rose during shelter-at-home orders and could continue to climb further due to the heavy homebuyer competition combined with a shortage of supply—good news for builders and another sign of positivity for the housing market.