Hi HousingWire readers,
For more than a year now, HousingWire Lead Analyst Logan Mohtashami has covered the housing and economic reports that show how the market is reacting to and recovering from the pandemic. And now, his analysis on these reports is exclusively available to the HW+ community.
Here's a preview on why these deeper dives are important...
Biden's proposed fiscal stimulus package
The report: Part of Biden's proposed stimulus is focused on getting everyone who lost jobs due to COVID back to work and the economy on better footing.
Logan's take: "Let's say we do get back to February 2020's employment levels: what will that do to inflation? It's been a while since we had to think about inflation, and it's a sign of the times that we are adding this back to our topics of conversation, along with higher mortgage rates."
New Home Sales
The report: Last week, the Census Bureau reported that in February 2021, new single-family home sales were at a seasonally adjusted annual rate of 775,000, a big miss from estimates.
Logan's take: "Because February 2020 sales were strong, the year-over-year growth in sales for February 2021 is impressive at 9.1%."
Existing Home Sales
The report: According to NAR, February's existing home sales missed estimates, coming in at 6.2 million.
Logan's take: "I have talked for many months that existing home sales data should get back to 6.2 million and lower. The current report is getting us back there – we are just seeing sales revert back to trend."
Happy readings (and chart analyzing),
Brena Nath \\ HW+ Managing Editor
EmoticonEmoticon