U.S. home sales increased by the most on record in June, boosted by historically low mortgage rates, but the outlook for the housing market is being clouded by low inventory and high unemployment amid the COVID-19 pandemic.
FILE PHOTO: A home for sale is seen in Santa Monica, California, U.S., March 21, 2017. REUTERS/Lucy Nicholson/File Photo
Existing home sales, which make up about 85% of U.S. home sales, fell 11.3% on a year-on-year basis in June. The country is struggling with a resurgence in new coronavirus infections, prompting some authorities in the hard hit populous South and West regions to either shut down businesses again or pause reopenings, threatening the economy’s recovery from the COVID-19 downturn.
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