Sales of New Houses Rose Off Multi-Year Low, as Sales of Existing Houses & Especially Condos Plunged. What Gives? | Wolf Street

Sales of new single-family houses rose 12.7% in May, compared to May last year, to a seasonally adjusted annual rate of sales of 676,000 houses, according to the Commerce Department this morning.  There has been reporting by homebuilders on interest in new houses, as some home buyers sought to avoid buying someone else’s home due to the issues of the pandemic, such as social distancing requirements and the fear of spreading or catching the virus. The pandemic-induced “move to the suburbs” is also said to contribute to interest in new houses.

Sales of New Houses Rose Off Multi-Year Low, as Sales of Existing Houses & Especially Condos Plunged. What Gives? | Wolf Street