US new home sales surge to fastest pace since 2006 as housing market shines through pandemic

Model homes and for sale signs line the streets as construction continues at a housing plan in Zelienople, Pa., Wednesday, March 18, 2020. U.S. new home sales fell 4.4% in February with bigger declines expected in coming months as the coronavirus puts a major crimp on home sales. (AP Photo/Keith Srakocic)


  • Sales of new US homes accelerated by 4.8% to an annual rate of 1 million units in August, the Census Bureau reported Thursday.
  • That pace is the highest since 2006 and marks four consecutive months of increasing sales.
  • The agency’s estimate of new homes for sale fell to 282,000, reflecting 3.3 months of supply at the current pace of sales. That’s the shortest period in data going back to 1963.
  • Though the housing market has been one of the few bright spots in the virus-rattled economy, some fear dwindling supply will soon halt the sector’s rally.
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