New home sales rose in mid-2020 from a pace of 700,000/year to 975,000/year but fully returned to their 700,000/year pre-Covid pace by 5/21. Similarly, existing sales ramped up to a Covid-19 induced level of 6.75 million/year in mid-2020, from 5.4 million/year pre-pandemic, but like new sales, bottomed in 5/21 at 5.78 million/year. However, they’ve stormed back and are now at a 6.5 million/year clip despite serious inventory and price headwinds. (Source: Dr. Elliot Eisenberg, the Bowtie Economist).
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