Home sales post near-record turnaround

AZ Business Magazine | AZBigMedia

Overall, U.S. home sales returned to near seasonal levels – just 6.9% lower than last June, which was the third-highest sales month of 2019. All of the report’s 53 metro markets posted gains over May and a third of them topped last June. The June results were far different than those of May and April, which both reflected widespread stay-at-home mandates in many states.

“June home sales snapped back in a major way,” said Adam Contos, RE/MAX Holdings CEO. “With historically low interest rates, stabilizing unemployment and increased mobility tied to working remotely, buyer demand remains high in most areas of the country. We’re seeing positives in several leading indicators such as pending sales and mortgage applications.”

“The biggest challenge continues to be lack of inventory, and over time we may see some gains around people wanting a different living environment after spending so much time at home this year. There’s also some potential in the idea that with changing workplace dynamics, underused commercial spaces could be transformed into residential properties. Creative solutions like that may provide some relief for inventory constraints as well as affordability issues.”

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