Redfin

More than half of listings underwent bidding wars in August with some housing markets peaking above 65%, according to Redfin.

Home purchase power increased by almost 7% annually in July as mortgage rates were at or near record lows.

With mortgage rates and housing inventory both at all-time lows, the majority of consumers would overshoot their budgets for the right home without accounting for future costs, according to LendingTree.

The housing market reaped the rewards of new construction increasing before the coronavirus took effect, netting a boost in July sales, according to Redfin.

Recent changes to housing policy and uncertainty regarding the coronavirus could slow that growth.

As inventory dropped to an all-time low in July, borrowers hunted for houses further and further from city centers, causing price spikes in rural markets, according to Redfin.

About 54% of properties underwent bidding wars in July with some metro areas peaking at 75%, according to Redfin.

Squeezed up by a combination of low supply and high demand, home prices broke records in nearly every major Washington county last month, even as the pandemic's onslaught continued to wreak havoc with other parts of the economy.

The year-over-year increase came as homebuying picked up and the company's mortgage lending business boomed.

With low inventory and coronavirus limiting accessibility, nearly half of shoppers made offers sight-unseen in June, according to Redfin.