Diana Olick@IN/DIANAOLICK@DIANAOLICKCNBC@DIANAOLICK
The nation’s homebuilders say it's the perfect formula for a booming market: A sharp decline in the supply of existing homes for sale, increasing consumer preference for brand-new, high-tech homes with all the amenities for working and schooling, and an accelerating flight to the suburbs and exurbs made for remarkable housing demand in June.
Economists caution that while the official government count isn’t out until the end of the month, sales of newly built homes jumped 55% annually in June, according to a monthly survey by John Burns Real Estate Consulting, which has historically mirrored the U.S. Census report. It was the largest annual gain since homebuilding began again following the epic housing crash a decade ago.
The monthly sales data also indicated the highest pace of sales growth since the height of the unprecedented housing boom in 2005. That expansion was driven by negligent lending in the subprime mortgage market. This boom appears to be driven by the coronavirus pandemic.
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