But the housing market is still a long way from normal, with inventory still down.
But second home purchases have already cooled from their pandemic highs.
In the three months through April, purchases of high-end homes increased 26% from a year earlier.
New listings rose 36% last week, slowing the year-over-year decline for the first time since November.
Demand is so fierce that almost half of U.S. homes are selling within a week of hitting the market.
Fueled by the lowest mortgage rates in history, home prices rose at the fastest pace on record.
Record-low mortgage rates and flexible remote-work policies been a boon to desirable cities with relative affordability.
Rents fell almost 22% in San Francisco, 16% in New York and 9% in Boston over the past year.
Record-low mortgage rates were supposed to make it easier for home buyers, but they've hurt affordability.
Wealthy Americans are eager for more living space in the era of social-distancing.
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