The reopening of the economy and pent-up demand from the spring helped existing home sales bounce back in June. However, with a second wave of infections leading to renewed shutdowns and inventory close to record lows, the recovery will be slower and more uneven from here. The earlier round of shutdowns led to the first month-on-month drop in house prices in over eight years in May but, with sales recovering, we doubt that signals a prolonged period of falling home prices.
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