Sales rates jump May and June after two month drop.
The Commerce Department reported last week that they are seeing an unexpectedly positive rebound in the housing market, with the sales of new homes increasing 19.4% in May and 13.8% in June. Total annual rates are still 20% below average due to the pandemic, but these numbers establish some hope for further ground to be reclaimed in the near future.
The chief U.S. economist for High Frequency Economics, Rubella Farooqi, stated, “Home sales are being supported by households’ shifting preference for bigger spaces as more and more people work from home as well as lower mortgage rates.” 30 year fixed rate mortgages dropped below 3% for the first time in 50 years.
As the Lord Leads, Pray with Us…
- For the Commerce Department as they work to support the return of economic stability.
- For Secretary Ross as he leads the Department.
- For President Trump as he continues pandemic recovery efforts.
Sources: AP, NPR
