What pandemic or recession? Home prices reach a new record, thanks to the lowest-ever mortgage rates.
Few homes on the market, record-low mortgage rates and a renewed interest in owning a house pushed sales and prices higher in July.
As the economy reopened in June, home sales followed as the always important summer home-buying season got hot despite the ongoing uncertainty of the COVID pandemic.
The COVID-19 pandemic and subsequent shutdown of the economy continued to pound the housing market, with the largest annual drop in sales since November 2007.
COVID slammed the door on home sales in April, with the largest month-to-month drop in more than 40 years.