The Covid-19 epidemic is taking its toll on existing home sales. US existing home sales declined 9.7% in May to the lowest level since October 2010.
Inventory of existing home sales remain low despite historic low interest rates while the median price of existing home sales continues to soar.
During the housing bubble, both inventories and home prices rose together. But the reverse has happened since 2012.
Even The Federal Reserve can’t fight a virus. Although The Fed can create asset bubbles.