Sales of new single family homes in the United States hit a 13-year high in June as the housing market outperformed the broader economy amid low mortgage rate and migration from densely populated urban centers to less-populated areas on fears of coronavirus. This is the second straight jump in newly built homes after two months of sales decline due of the coronavirus.
The new data comes just days after the United States witnessed an uptick in homebuilder sentiment in July. This means that both homebuilders and buyers have started showing confidence in the economy once again, signaling that the worst of the economic downturn is probably over.
New Home Sales Hit Record High
Sales of new homes rose a sharp 13.8% in June to a seasonally adjusted annual rate of 776,000 units, the highest level since July 2007, the Commerce Department reported on Jul 24. The increase follows a 19.4%