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Data: Investing.com; Chart: Axios Visuals

Sales of existing homes in the U.S. fell 17.8% month over month and 17.2% year over year in April, but the median price jumped to a record high, the National Association of Realtors (NAR) said last week.

Why it matters: The data shows the combination of decreasing supply and historically low interest rates continued to push prices higher in an already expensive housing market.

  • The numbers were based on closed sales, so it corresponds to sales made in late February and March, suggesting the coronavirus pandemic began hitting the real estate market early.
  • The supply of homes for sale fell 19.7% annually to the lowest April inventory figure ever.
  • The median price of an existing home sold in April rose 7.4% annually to $286,800, a record high in nominal value.

The big picture: The disruption to sales was limited and listings on the market are still attracting buyers and boosting home prices, NAR chief economist Lawrence Yun said in a press release.

  • “Record-low mortgage rates are likely to remain in place for the rest of the year, and will be the key factor driving housing demand as state economies steadily reopen,” he said. “Still, more listings and increased home construction will be needed to tame price growth.”

What's next: The government's FHFA home price index of single-family homes will be released today at 9am ET, followed by the Commerce Department's new home sales report at 10 am ET.

Go deeper: Coronavirus is squeezing more people out of the housing market

Go deeper

Dion Rabouin, author of Markets
Aug 24, 2020 - Economy & Business

PMI reports show V-shaped recovery in services and manufacturing

Expand chart
Data: Investing.com; Chart: Axios Visuals

Early readings of IHS Markit's manufacturing and services purchasing managers' indexes rose by more than expected in August, showing continued improvement in expectations and output among U.S. firms.

By the numbers: The manufacturing index rose by 2.7 points month over month to 53.6, continuing the series' rise from 50.9 in July.

Caitlin Owens, author of Vitals
40 mins ago - Health

Who benefits from Biden's move to reopen ACA enrollment

Photo: Chip Somodevilla/Getty Images

Nearly 15 million Americans who are currently uninsured are eligible for coverage on the Affordable Care Act marketplaces, and more than half of them would qualify for subsidies, according to a new Kaiser Family Foundation brief.

Why it matters: President Biden is expected to announce today that he'll be reopening the marketplaces for a special enrollment period from Feb. 15 to May 15, but getting a significant number of people to sign up for coverage will likely require targeted outreach.

2 hours ago - Technology

Big Tech bolts politics

Illustration: Eniola Odetunde/Axios

Big Tech fed politics. Then it bled politics. Now it wants to be dead to politics. 

Why it matters: The social platforms that profited massively on politics and free speech suddenly want a way out — or at least a way to hide until the heat cools. 

You’ve caught up. Now what?

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