New single-family home sales dropped 3.5% from August to September as the robust market began to cool heading into the fall months, the Commerce Department reported on Monday. The decline was expected after the heightened pace of sales over the summer, with many urban renters fleeing to the suburban market and existing home inventory at record lows. Even ... READ MORE >
housing inventory
CHART OF THE DAY: As housing market heats up, inventory shrivels
Existing home sales in August topped 6 million for the first time since 2006 as big-city renters continued to flock to the suburbs for more space, including a home office and a yard to accommodate their new normal. Meanwhile, existing homeowners are hesitant to put their houses on the market, given uncertainty around the coronavirus pandemic and fears ... READ MORE >
What’s behind the resurgent housing market
With the onset of the coronavirus, a wave of uncertainty overtook the housing market and brought a swift halt to home sales and home building in March and April. But trends in May and June have shown that housing may be in the midst of a V-shaped recovery. After falling for three straight months, both housing starts and building permits rose in May to ... READ MORE >