Existing home sales surged in July by the most on record, increasing 24.7% from June to a 5.86 million annualized rate. The housing market has been booming as a result of low mortgage rates, which have been hovering around 3%, pent up demand from millennials who have been entering the housing market, and an increased interest in suburban markets following the COVID-19 shutdowns occurring during the first half of the year.
Despite these positive trends, the housing market may face some obstacles ahead–specifically continued increases in housing prices due to suppressed inventory levels, and the ongoing impact from the pandemic, as it plays out across the country.
HOME SALES-JULY 2020
