The housing market has made a huge comeback from the depths of the coronavirus pandemic with pending home sales rising 44.3% in May.
It seemed like real estate was going to lead the economy to recovery. However, that may be more difficult given the recent surge in cases in some states, with consumer behavior already rapidly changing in response to the increase.
“So while the decision to buy a home or go to a restaurant does not get run through the same decision tree for a household, these trends serve as important indicators of how quickly the economic situation has, can, and will likely change during this pandemic. And act as another reminder that there’s little reason to hold any view with much conviction right now.”