New Single-Family Home Sales Increase in July

With low-interest rates, greater attention to consumer focus on housing, and rising demand in the suburb and exurb market, new single-family homes have seen a steady increase in sales.

In July, Census and HUD estimated that homes sales would see a 901,000 seasonally adjusted annual pace. This would mean an approximate growth of 14% over June and a strong seasonally adjusted annual rate. April data has thus far marked the low point of sales for the recession.

NAHB/Wells Fargo HMI showed data that equaled a data series high in August, indicating that housing would be a leading sector for the economy. This is a positive sign considering double-digital unemployment and other effects that have resulted due to the pandemic.

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Author: Brian