Average home prices are also up 16.9% from a year ago, at $943,710
Condos, short-term rental market most at risk
New projects are still at risk due to pandemic hotspots
June sales were up 63% month over month
Increase in multi-family projects offset a decline in single-detached homes
Rentals will take the initial hit, spilling over to the broader housing market
Stronger market conditions are expected to prevail in the second half — barring any setbacks
Mortgage credit quality is highly correlated to jobs and house prices
Home prices are expected to bounce back eventually, but the timing of a recovery is uncertain
The number of homes sold has been steadily rising since mid-April