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.
With the U.S. gaining 1.8 million jobs in July and the national unemployment rate at 10.2% compared to the nearly historic high of 14.7% at the peak of the coronavirus pandemic, WalletHub released updated rankings for the States Whose July Unemployment Rates Are Bouncing Back Most.
The research and benchmarking tool collects data from industry distributors on sales results from the prior quarter along with forecasts for the upcoming quarter.
Confidence in the market for new multifamily housing increased in the second quarter, however, it still remains in negative territory, according to results from the Multifamily Market Survey released by the National Association of Home Builders.
Architectural billings failed to show any progress during July, and business conditions continued to be soft at firms, according to a new report from the American Institute of Architects.
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.
