New home sales exceed expectations despite COVID-19

With the COVID-19 emergency, home sales were not expected to flourish.

That was not the case in April as new home sales rose by 0.6 percent, according to the U.S. Census Bureau and the Department of Housing and Urban Development.

March sales revisions were a factor, and the estimated 623,000 units sold in April came as a pleasant surprise. Year-to-year sales, however, were down in April.

April sales are tallied at contract signing, meaning that this unexpected activity occurred as many began to shelter in place and withdraw from some normal economic activity.

The promising news includes monthly increases in homes sales in three of the four major markets. Yet, year-over-year numbers did not look as promising.

Mortgage application data and anecdotal reporting from building are giving many reasons for optimism. Housing demand and lower interest rates are other positive indicators.

If you’re ready to engage in the reopening of the economy in a major way, please do not hesitate to reach out to Premier Mortgage Resources, LLC, to learn more about today’s market and the available financing programs at your disposal.

We will work hard to ensure you have the guidance and resources to reach your financial goals in today’s positive yet still developing market.

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