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.
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Shift from Condos to Houses and from Big Cities to Suburbs? New House Sales Rose 6.9% fr. June Last Year, to Highest Level since July 2007