Thanks to three key drivers of demand, housing has been on a rocket ship trajectory after bottoming out earlier this year.
Housing is the brightest spot in the U.S. economy now, but a key issue remains: Will it stay this way or taper off?
At the onset of COVFF-19 and for the weeks that followed, the housing market was pulverized. However, home purchases increased starting in May and then took off in June. In August, new-home sales approached 1 million for the first time in over a decade.
These record sales are driven by multiple sources, including favorable demographics, historically cheap mortgage rates, and an inflated need for space.