This week the new home sales actually fell to 959,000 units from 994,000 the month before. The expectation was for 1 million new homes sold. However, home prices and sales of existing homes is very strong. There is a lack of existing homes to purchase and that always helps with increasing prices.
As long as mortgage rates remain extremely low and inventory is tight, the housing market is likely to stay healthy even in an unhealthy economy. Builders, the people that should know, are upbeat about the future.
Finally, though Congress can’t seem to agree on a new stimulus package, likely due to election-year politics. The actual election is only a week away, and there will be a stimulus agreement afterward no matter which party wins the White House.