By Jacob Passy | Market Watch
Home-builders are very optimistic these days — and with good reason.
New home sales surpassed an annual rate of 1 million sales for the first time since 2006 last month. Americans, with low-interest mortgages in hand, have flooded the housing market, particularly in the suburbs. Yet as they search for more space and forever homes, many buyers are coming up short when it comes to existing homes.
Housing inventory is circling record lows as the pandemic has kept many sellers from listing their properties. As a result, more people are turning to the market for newly-constructed properties instead.
