U.S. Home Sales See Record Jump In June After 3-Month Decline

In June, home sales experienced a record increase after three months of decline due to the pandemic. Sales of various types of homes rose by nearly 21% compared to May, and home prices also increased. The National Association of Realtors attributes this to the easing of coronavirus restrictions, which spurred buyer interest. Despite the rebound, sales were still down 11.3% from 2019, and the number of homes on the market decreased by 18%. This shortage, present even before the pandemic, could lead to higher prices. The association's economist, Lawrence Yun, believes sales will continue to grow if mortgage rates stay low and job gains persist.

What was the percentage increase in home sales in June compared to May?

• 25%

• 15%

• 21%

• 30%

What factor contributed to the rise in home prices nationwide?

• Increase in mortgage rates

• Easing of pandemic restrictions

• Decrease in job opportunities

• Higher construction costs

By what percentage did the median price of existing single-family homes increase compared to last year?

• 5.5%

• 4.5%

• 3.5%

• 2.5%

What was the percentage decrease in home sales compared to 2019?

• 11.3%

• 10.3%

• 9.3%

• 8.3%

What could potentially lead to inflated home prices in the future?

• Increase in the number of homes for sale

• High mortgage rates

• Continued low mortgage rates and job growth

• Decrease in buyer interest