This week during our Outlook Webinar: COVID-19 Update – The Housing Market, Senior Managing Principal, Tim Sullivan, and Chief Economist, Ali Wolf, provide real-time updates on how the coronavirus pandemic continues to impact our economy and the residential construction industry.
Economic and industry updates include:
The U.S. economy is entering recovery phase as states continue to relax containment measures.
Effects of COVID-19 continues to be felt in the housing market with existing home sales down 18% YOY and New Home Pending Sales Index (PSI) down 33% YOY.
Unemployment Rate is at a historic high with~ 39MAmericans out of jobs;50% of those impacted have incomes below $50K.
Mortgage rates are at a historic lowresulting in mortgage applications rising well above last year’s numbers.
62% of Builders reported week over weekincreases in contractsand they continue to feel the impact of COVID-19.