Remarkable. This is the word most used to describe the current state of our housing market. Even after our unemployment numbers rose above 12% in April and the U.S. economy contracted nearly 33% in the second quarter, in June buyers returned to our market. We are living in a time like nothing we have ever seen before. While many economists predicted a shutdown in our housing market, the exact opposite has happened.
In June, July and now August, we have seen strong gains in both year-over-year prices and sales volume. I expect sales volume to continue this trend over the next two months. Prices appear to be moderating in the short term, which is in line with seasonal patterns. The housing market is being fueled by astronomically low interest rates. Freddie Mac just reported another all-time low with the 30-year fixed rate having dropped to 2.86%. Market performance has been nothing short of amazing considering rising unemployment typically means a fall in housing activity. Armls Stat.