Sales of existing homes soared 24.7% in July from June in the US, according to the National Association of Realtors.
“The housing market is well past the recovery phase and is now booming with higher home sales compared to the pre-pandemic days,” said Lawrence Yun, National Association of Realtors’ Chief economist.
The COVID-19 pandemic has led companies to allow employees to work from home. Thanks to the emergence of home offices, demand is growing for spacious homes in rural regions, small metro areas, and large metro suburbs.
According to experts, housing market strength is likely to shore up the retail sector as homeowners buy furniture, garden equipment and other supplies also.
