Homes sales are booming, because Americans who have savings, stable jobs and good credit scores are taking advantage of the cheapest mortgage rates on record to bargain shop for larger homes. New mortgage applications just hit a level not seen since 2008. Sales of previously owned homes, like the one Dietsche listed in central Pennsylvania, surged a record-setting 20.7 percent in June. Sales of new homes jumped 13.8 percent last month, well above experts’ forecasts.
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The coronavirus pandemic is exacerbating inequities across America, especially in housing. This summer is one of the best times for home buyers and worst for many renters. Americans with money in the bank are buying bigger homes, while renters increasingly worry about eviction.
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Realtors, economists and home buyers say the surge in home purchases is driven by three factors: the cheapest mortgages ever, Millennials hitting their 30s and wanting to settle down and city-dwellers suddenly wanting more – and less expensive – space as the pandemic forces families to spend more time at home.
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