The contrasting outlook for new and existing home sales

Existing home sales as a share of population have been close to their long-run average since 2013. So while pent-up housing demand suggests they will rise over the next few years, the increase will be small. In contrast, new home sales are still a long way below average thanks to the post-crisis collapse in homebuilding. New home sales therefore have plenty of ground to make up over the next few years.


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