The U.S. housing market has been a positive contributor to the economic recovery, though some statistics have dropped from recent highs. The National Association of Realtors reported that existing home sales fell in April to a 5.85 million seasonally adjusted annual rate -- still well above the 3.9 million rate in May 2020. The Commerce Department reported that new home sales, which were down 33% in April 2020 from January 2020, recovered to 10-year-high levels of more than 1 million sales per year last August and remained elevated at an 863,000 rate in April. As well, building permits were up 70% in April 2021 compared to April 2020, according to the Census Bureau. Though most of these indicators have cooled, housing prices have not. The S&P/Case-Shiller National Home Price Index for March 2021 showed that prices gained 13.2%
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