But the housing market could struggle to rebound further in the face of the resurgent viral outbreak and a shrinking supply of homes for sale. Sales of existing homes grew last month to a seasonally adjusted annual rate of 4.72 million, the National Association of Realtors said Wednesday. And Lawerence Yun, the Realtors’ chief economist, noted that sales remain roughly 20 percent below their pre-pandemic levels. It’s the 13th straight month of shrinking supply on an annual basis. The shortage of homes makes it unlikely that the housing industry can significantly boost the overall economy.

Source: The Standard July 22, 2020 14:15 UTC