Every time we think that this year’s existing home sales wave may have finally crested, another month of data comes in that blows past expectations and proves the folly in underestimating the durability of this recent home sales hot streak. Despite persistent economic uncertainty and the worsening spread of COVID-19, it’s abundantly clear that home shoppers are eager to re-assess their living situations, take advantage of still-low mortgage rates and quickly snatch up the relatively few homes listed for sale. But while low rates and favorable demographic tailwinds should keep buyer demand elevated going forward, steadily rising home prices may constrain some buying activity in the months to come. The median home price rose 15.5% in October from a year before, the largest increase since October 2005 and much faster than overall income growth has been for the past several years. For many buyers at the margin struggling to save a sufficient down payment and put themselves in position to buy, these price increases may erase any benefit that low mortgage rates provide. Pending home sales data do point to some cool down to come, but by now it’s clear: Underestimate the enduring strength of the housing market and the will and creativity of consumers in finding ways to get deals done at your own peril.