For-Sale Housing Market Update: September 24, 2020
RCLCO Managing Director Gregg Logan explores the trends impacting the housing market with data updated September 24, 2020.
The substantial upturn in the housing market continues as indicated by the latest new home sales data, showing new single-family homes up 43.2% year-over-year (Census Bureau, September 24, 2020). Strong market demand is being driven by low interest rates, demographic shifts, and consumer’s attitudes about where they want to live in the Covid-19 era. Is this strong pace of sales sustainable, given that there are only 3.3 months of supply of new homes at the current sales pace, costs such as lumber are rising, and building lot availability is tightening? Indications are that demand for new housing should remain strong, but too slow supply growth or failure to reign in the virus could moderate what otherwise should be a strong housing recovery.
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