FILE PHOTO: A new home is seen under construction in Los Angeles, California, U.S. July 30, 2018. REUTERS/Lucy Nicholson
“Housing has a strong immune system,” said Michelle Meyer, chief U.S. economist at Bank of America Securities in New York. “The shock disproportionately impacted the lower-income population who are less likely to be homeowners.” Economists polled by Reuters had forecast new home sales, which account for about 14% of housing market sales, rising 4% to a 700,000-unit pace in June. New home sales accelerated 6.9% from a year ago in June.
Job losses have disproportionately affected low-wage workers, which could explain why the housing market is doing much better than other sectors of the economy, which slipped into recession in February.Sky-rocketing coronavirus cases are casting a shadow over business activity, though output is stabilizing. A separate report on Friday from data firm IHS Markit showed its flash U.S. Composite PMI Output Index, which tracks the manufacturing and services sectors, rose to a reading of 50.
Still, the fundamentals for housing, which accounts for just over 3% of economy, remain favorable. The 30-year fixed mortgage rate is averaging 3.01%, close to a 49-year low, according to data from mortgage finance agency Freddie Mac. There are more first-time buyers in the market, with the average age 47 years.
How cost?
Yeah I think this is some bullshit right here!
Are families buying or INVESTORS? FIVE HOUSES IN MY NEIGHBORHOOD BOUGHT BY FLIPPERS! The houses are now on the market for 3x what they sold for.
I got 3 new neighbors in a month. Seems like a lot.
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