The housing market is hot
September 28, 2020
The housing market extended its strong post-COVID surge into August. Demand continues to increase for owner-occupied housing, pushed up by record-low mortgage rates, a rebound in the job market, faster household formations, and an increased desire for “space.” Existing home sales rose by 2.4 percent to an annualized pace of 6.00 million units for August, while new sales climbed by 4.8 percent over an upwardly revised July figure to 1.01 million units (annualized). The August sales pace for both was the fastest since 2006.