Evidence of a suburban shift for consumer home buying preferences as a result of the COVID-19 pandemic can be found in the second quarter National Association of Home Builders Home Building Geography Index.
In a sign that the housing market continues to lead the economy during the coronavirus outbreak, sales of newly built, single-family homes rose to its highest pace since 2006, up 13.9 percent to a seasonally adjusted annual rate of 901,000 units in July.
According to a recent industry report, sales of radiant heating products were driven by growth in the homeowner and trade professional customer segments despite widespread lockdowns due to COVID-19.
In a sign that housing continues to lead the economy forward, builder confidence in the market for newly-built single-family homes increased six points to 78 in August.
In a further sign that housing continues to boost the economy, single-family and multifamily starts each posted solid gains in July, with total housing production up 22.6 percent to a seasonally adjusted annual rate of 1.50 million units.
In a sign that the housing market is leading the economy during the coronavirus outbreak, sales of newly built, single-family homes rose to their highest level since the Great Recession.
Expenditures for improvements and repairs to owner-occupied homes are expected to slow by the middle of next year as the COVID-19 pandemic continues to unfold.
