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The housing market in the United States has exploded since the start of the pandemic, even as other sectors have struggled to recover from the sudden economic collapse that occurred in the first half of 2020. Home prices have increased at a record rate over the past year. In June, the median home sold in the U.S. cost $363,000 — nearly $70,000 higher than at the same time last year.
Home prices have been steadily rising year over year from the lows that came in the wake of the Great Recession. The coronavirus pandemic supercharged that trend, as millions of remote workers seeking larger living spaces — and buoyed by historically low interest rates — lept into a housing market already experiencing a supply shortage. The result has been a frenzy of bidding wars, gamesmanship and desperation that has pushed prices…