File picture shows a home for sale in Santa Monica, California, March 21, 2017. — Reuters file
The June seasonally adjusted annual rate of 776,000 was well above expectations and 6.9 per cent above the same month last year, bringing the key sector to a level above where it was before the coronavirus pandemic walloped the world’s largest economy in March. “Record-low mortgage rates and pent-up demand from the spring continue to be main drivers for the housing market this summer,” Joel Kan of the Mortgage Bankers Association said.
“Sales rose across the country in June, despite the emerging second wave of Covid infections, which started to hit activity in the south in the final third of the month,” he wrote in an analysis.
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