Illustration: Aïda Amer/Axios

Existing home sales jumped by 20.7% in June over the prior month, the National Association of Realtors (NAR) said in a report released Wednesday.

Why it matter: It's the largest recorded monthly increase since 1968, when NAR began collecting data on single-family houses, and comes amid mass unemployment and an economy battered by the coronavirus pandemic, the Wall Street Journal reports.

  • House sales overall have dipped compared to last year, the association says, with an 11.3% drop in purchases compared to June 2019.

What's happening: The surge is due to "apartment renters seeking more space, young families moving to the suburbs, and wealthy city dwellers looking for second homes," the WSJ reports.

  • Most existing home sales took place in the West and the South last month, per the WSJ.
  • “The housing market is hot, red hot,” said Lawrence Yun, chief NAR economist. “As we are coming out of the lockdown, we see this backlog of buyers…trying to take advantage of the record-low mortgage rates.”

Flashback: The median price of existing homes jumped to a record high in April, per NAR.

What's next: "Now, the major question is whether June’s strong sales pace can continue this summer, or if home sales will slow as pent-up demand falls off and unemployment remains high," the WSJ's Nicole Friedman writes.

Go deeper: Rising home sales show Americans are looking past the coronavirus

Go deeper

White House coronavirus reports contradict public statements by Trump officials

Photo: Drew Angerer/Getty Images

Senior Trump administration officials privately warned several states that spikes in coronavirus cases put them in high-risk "red zones" while publicly downplaying the threat of the virus, according to documents released by a special House committee overseeing the coronavirus response.

Why it matters: Democrats have long called for a national plan to respond to the coronavirus pandemic, while the White House has offered only guidance and insisted that states take the lead.

Dion Rabouin, author of Markets
35 mins ago - Politics & Policy

Wall Street fears stimulus is doomed

Illustration: Sarah Grillo/Axios

The fight over a new Supreme Court justice will take Washington's partisan bickering to a new level and undermine any chance for needed coronavirus relief measures before November's election, Wall Street analysts say.

What we're hearing: "With the passing of Justice Ginsburg, the level of rhetorical heat has increased, if that seemed even possible," Greg Staples, head of fixed income for the Americas at DWS Group, tells Axios in an email.

Updated 1 hour ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 7 a.m. ET: 31,346,086 — Total deaths: 965,294— Total recoveries: 21,518,790Map.
  2. U.S.: Total confirmed cases as of 3 a.m. ET: 6,858,130 — Total deaths: 199,890 — Total recoveries: 2,615,949 — Total tests: 95,841,281Map.
  3. Health: CDC says it mistakenly published guidance about COVID-19 spreading through air.
  4. Media: Conservative blogger who spread COVID-19 misinformation worked for Fauci's agency.
  5. Politics: House Democrats file legislation to fund government through Dec. 11.
  6. World: U.K. upgrades COVID alert level as Europe sees worrying rise in infections — "The Wake-Up Call" warns the West about the consequences of mishandling a pandemic.

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