Shift from Urban Condo to Suburban New House Living Continues

A deeper dive into the U.S. Commerce Department’s report on the sales of new single-family homes for June reveals that as the COVID-19 pandemic continues there is a noticeable move from condos towards new houses. In particular, a shift from condos in large urban centers toward houses in the suburb. With a focus on new houses, perhaps motivated by the issues and complexities surrounding the viewing and purchasing of an existing home from a homeowner during the pandemic. Experts do caution, however, that it will take more than a few months’ worth of data before the move from urban condo to suburban new house can be deemed a trend and not just a knee jerk reaction to the pandemic.