Sales of previously owned homes in the U.S. saw their biggest increase on record in June following three straight months of declines amid the coronavirus pandemic.
According to data released Wednesday by the National Association of Realtors, sales of single-family homes, town homes, condos and co-ops jumped nearly 21% in June compared with May. Home prices also rose nationwide, with the median price of existing single-family homes up 3.5% compared to the same time last year.
The association's chief economist, Lawrence Yun, chalked up the gain to the loosening of coronavirus-related restrictions, "as buyers were eager to purchase homes and properties that they had been eyeing during the shutdown."
Despite the rebound, the association notes sales were still down 11.3% from 2019. And the number of homes on the market also dropped roughly 18% from a year ago, which Yun says could lead to inflated prices down the line. He said the shortage of homes for sale was an issue even before the pandemic began, and that he believes home sales will continue to grow "as long as mortgage rates remain low and job gains continue."