Housing Market Has Been Surprisingly Active During Lockdown
- Americans are shopping for new homes with rates at record low
- Unemployment and economic downturn could hamper recovery
New-home sales posted a surprise gain last month, and stocks of homebuilders have surged.
Photographer: George Frey/BloombergThis article is for subscribers only.
Stuck day and night in their homes, a surprising number of Americans are deciding the pandemic is a great time to upgrade.
That’s how it looks to Lee Whitaker, vice president of Pacesetter Homes. After the coronavirus shutdown, the small Texas homebuilder braced for the worst. And it came: Business plunged in April. Then in May, something unexpected happened. Sales were 30% above the company’s own pre-crisis forecast for the month.