Homebuilders seeing ‘very strong’ demand amid pandemic: NAHB CEO
National Association of Home Builders CEO Jerry Howard discusses housing demand as people move from urban to suburban areas.
The housing market had its hottest year in over a decade fueled by record-low mortgage rates and historically thin inventory, even as the economy was hit by the coronavirus pandemic.
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Sales of existing homes were 5.64 million in 2020, the best in 14 years, rising 5.6% from the prior year and the most since “before the Great Recession,” according to the National Association of Realtors. Last month, sales saw an uptick of 0.7% to 6.76 million, while total sales jumped 22.2% from a year ago.
ANOTHER $1,400 STIMULUS CHECK COULD BE COMING YOUR WAY
|XHB||SPDR SERIES TRUST SPDR S&P HOMEBUILDERS ETF||62.96||-0.21||-0.33%|
"Home sales rose in December, and for 2020 as a whole, we saw sales perform at their highest levels since 2006, despite the pandemic," said Lawrence Yun, NAR's chief economist. "What's even better is that this momentum is likely to carry into the new year, with more buyers expected to enter the market."
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