After several months of plummeting caused by the coronavirus pandemic, sales of previously owned homes jumped a record 20.7% from May, the largest month-over-month increase since the National Association of Realtors began tracking in 1968
Sales of previously owned homes jumped a record 20.7% from May, the largest month-over-month increase since NAR began tracking in 1968. More from Success Mortgage rates fall below 3% for first time everSmall businesses say time and money are running out
"Record low mortgage rates are no doubt helping to bring buyers to the market," said Lawrence Yun, NAR's chief economist."But the inventory levels are shrinking, which could create a bottleneck for sales gains going forward."Still, the revitalization looks to be sustainable for many months to come, said Yun, as long as mortgage rates remain low and job gains continue. But sales are still below where they were pre-pandemic and remain down from this time last year.
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