Home Sales Hit A Record-Setting Rebound

With a worldwide health crisis that drove a pause in the economy this year, the housing market was greatly impacted. Many have been eagerly awaiting some bright signs of a recovery. Based on the latest Existing Home Sales Report from the National Association of Realtors (NAR), June hit a much-anticipated record-setting rebound to ignite that spark.

This significant rebound is a major boost for the housing market and the U.S. economy. According to NAR, home sales jumped 20.7% from May to a seasonally-adjusted annual rate of 4.72 million in June.

With mortgage rates hitting an all-time low, dropping below 3% for the first time last week, potential homebuyers are poised to continue taking advantage of this historic opportunity to buy. This fierce competition among buyers is contributing to home price increases as well, as more buyers are finding themselves in bidding wars in this environment.

Buyers returning to the market is a great sign for the economy, as the housing market is still leading the way toward recovery.