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.

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TIME IS RUNNING OUT!

We have an ambitious $350,000 online fundraising goal this month and it's truly crunch time: About 15 percent of our yearly online giving usually comes in during the final week of the year, and in "No Cute Headlines or Manipulative BS," we explain why we simply can't afford to come up short right now.

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And if you can help us out with a donation right now, all online gifts will be matched thanks to an incredibly generous matching gift pledge.

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