Existing Home Sales Have Recovered From COVID-19

“U.S. Existing-Home Sales Surged 24.7% in July on Low Rates” blares the Wall Street Journal this morning. That sounded pretty impressive until I got hold of the underlying data from the National Association of Realtors:

Technically, it’s true that existing home sales increased a lot from June to July. But the real story is less dramatic: home sales took a big hit when COVID-19 first hit and then recovered quickly. That might be an interesting story in itself, but it’s definitely not a story of booming home sales.

As always, beware of headlines that seem too good to be true.

THE END...

of our annual funding cycle is fast approaching, on June 30, and we have a considerable $230,000-plus gap in our online fundraising budget.

If you value the nonprofit journalism you get from Mother Jones, and you can, right now is an important time to help us keep charging hard with a much-needed and much-appreciated donation.

payment methods

THE END...

of our annual funding cycle is fast approaching, on June 30, and we have a considerable $230,000-plus gap in our online fundraising budget.

If you value the nonprofit journalism you get from Mother Jones, and you can, right now is an important time to help us keep charging hard with a much-needed and much-appreciated donation.

payment methods

We Recommend

Latest

Sign up for our free newsletter

Subscribe to the Mother Jones Daily to have our top stories delivered directly to your inbox.

Get our award-winning magazine

Save big on a full year of investigations, ideas, and insights.

Subscribe

Support our journalism

Help Mother Jones' reporters dig deep with a tax-deductible donation.

Donate