New home sales took an unexpected hit in the month of February in spite of increasing demand for single-family homes, dropping 18.2% from January's numbers. Nevertheless, industry experts say they aren't concerned about the housing market's long-term fundamentals and have attributed this dip in sales to short-term factors such as rising lumber costs and material shortages. In this article, we'll take a detailed look at the factors that have attributed to this recent drop in new home sales as well as discuss the housing market's outlook for 2021.
28 June, 2021