Second wave argues against rapid home sales recovery

As COVID infections have surged, the slowdown or reversal of reopening across the South will weigh on home sales. Given sellers and buyers now have more experience in transacting during the pandemic, we doubt the fall in sales in the South will match the drop seen in the Northeast. Nevertheless, after a likely large rebound in June, the resumption of lockdowns means the recovery in existing home sales is set to be slower and more uneven over the remainder of the year.