Zonda’s New Home Pending Sales Index (PSI) posted more positive news in September. The indicator, which measures the number of new-home sales contracts signed across the country, grew to 170.7 last month, showing 2.7% month-over-month and 46.9% year-over-year increases and continuing the momentum of the ‘super V’–shaped housing recovery.
Economists have continually noted that the work-from-anywhere shift combined with seriously low mortgage rates and an improving economy all bode well for the housing market.
“The U.S. economy flipped from a service-based economy to a goods-based economy and, right now, the most desired ‘good’ is a new home,” says Ali Wolf, chief economist at Zonda. “New-home sales are unstoppable even as builders raise prices and election uncertainty heats up.”