0
0
October 27, 2020 at 03:57PM
The US housing market continues to benefit from coronavirus through an ultra-soft monetary policy and lower spending for Americans who are mostly avoiding a drop in income. The FHFA Housing Price Index added 1.5% in August to an annual rate of 8.1%, the highest since 2006.
Separately, more specific but timely data on the prices of new homes for September was released on Monday. The average price of a new house sold reached $405.4K for the first time in history compared to $382.7K (+5.9%) a month earlier and $372.1K (+9%) a year earlier.
Looking solely at the housing market as a leading indicator of confidence and expenditure among Americans, one can put aside fears of a repeat recession. Prices for new homes have been slipping at $400K in the last three years but the support measures gave new impulses and may potentially lead to a repeat of the boom of the 1990s, in which the price of new homes from 1992 to 2007 more than doubled.
The FxPro Analyst Team
From: The FxPro Analyst Team https://fxpro.news/daily-economic-events/us-housing-market-continues-to-benefit-from-coronavirus-20201027/
Selected by fonecable.com
Search Web: US housing market continues to benefit from coronavirus
Recent Posts
- Crude Oil Over Crypto
- US Dollar Price Action Setups pre-CPI: EUR/USD, GBP/USD, USD/JPY
- Cathie Wood & Ark: Insiders Aren’t Buying the Hype
- Breaking News: ECB Holds Rates, Setting up July and September for Fireworks
- Currency Carry Trade: What is it and how does it work?
Average Rating