Here are 5 reasons why the pandemic hasn’t crashed the U.S. housing market

Home sales in the U.S. are picking up again, despite record prices and the sudden loss of some 22 million jobs due to the coronavirus pandemic, which now rages in California and many other states initially spared from public-health crises.

How does that make sense? Record-low mortgage rates and a dearth of homes for sale are two key reasons that help explain why house sales staged a dramatic rebound, according to economists at BofA Global, who called the U.S. housing market a “shining star in the economic recovery,” in a...