Flight from the Cities: Home Builder Confidence Soars to Record High

Published by Breitbart on August 17, 2020

The rush for homes in America has sent home builder confidence soaring.

Builder confidence in the newly built, single-family home market rose six points to 78 in August on the National Association of Home Builders/Wells Fargo Housing Market Index. That matches the 1998 record high in the 35-year history of monthly readings for the index.

Anything above 50 is considered positive sentiment. Economists had expected builder confidence to remain steady after jumping in July.

The index crashed in April but recovered quickly as the pandemic, lockdowns, and urban rioting led to an explosion of demand for houses outside of many city centers. A recent study from Zillow shows that home prices are increasing faster in the suburbs of many of the biggest U.S. cities, including New York, Chicago, Houston, Boston, Atlanta, and San Francisco. The same pattern was noticeable in smaller cities through June, Zillow’s study said.

The housing market has become one of the strongest parts of the economy in the post-lockdown phase of the pandemic.

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