Sales of new homes jumped again in July, rising 13.9% as the housing market continues to gain traction following a spring downturn caused by pandemic-related lockdowns. The Commerce Department reported Tuesday that July's gain propelled sales of new homes to a seasonally adjusted annual rate of 901,000, the most since 2006. That's a far bigger number than analysts had expected and follows big increases in May and June.
Americans stepped up their home purchases in June by a robust 20.7% after the pandemic had caused sales to crater in the prior three months. But the housing market could struggle to rebound further in the face of the resurgent viral outbreak and a shrinking supply of homes for sale. Sales of existing homes rose last month to a seasonally adjusted annual rate of 4.72 million, the National Association of Realtors said Wednesday.
New Yorkers anxious after weathering the worst of the coronavirus pandemic are fueling a boom in home sales and rentals around the picturesque towns and wooded hills to the north. Real estate brokers and agents describe a red-hot market recently, with many house hunters able to work from home.
Americans shopping for a home this spring may face more competition than they have in years. A strong labor market and growing pool of would-be buyers as more millennials enter their 30s is expected to fuel demand for homes at a time when the inventory of properties for sale is at the lowest level in more than a decade.
Owners of four apartments in London's Neo Bankside apartment complex have gone to court, saying that a viewing platform at the Tate Modern art gallery next door violates their right to privacy by letting hundreds of thousands of tourists a year peer into their homes.