FILE PHOTO: Real estate signs advertise new homes for sale in multiple new developments in York County, South Carolina, U.S., February 29, 2020. REUTERS/Lucas Jackson
“There is an insatiable demand for homes right now, and it can’t be met by resales of existing homes, so people are signing contracts for new homes,” said Holden Lewis, home and mortgage expert at NerdWallet. Stocks on Wall Street were trading higher, with the PHLX housing index outperforming the broader market. The dollar gained versus a basket of currencies. U.S. Treasury prices were lower.The National Association of Realtors reported last week that the supply of previously owned homes available for sale plunged to a record low in January. That has pushed buyers toward the market for new homes.
Economists believed the week-to-week decline in applications reflected disruptions caused by the snow storms, which left large swathes of Texas in the dark and without water supplies.
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