Key Highlights

  • Home sales in Q2 seen as only “good” data point in economy in Q2 2020
  • GDP -32.9% in Q2 2020
  • Unemployment claims add additional +1.48M in week of July25

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Real numbers have a way of jolting us in ways that wishful thinking cannot. Keep breathing as you take a look at some of these numbers:

  • The total cases of COVID-19 cases in the US as of July 30 equal 4,405.932 with +65,935 new cases compared to the day before, according to the CDC
  • The total deaths due to COVID-19 in the US as of July 30 equal 150,293 with +1,417 deaths new deaths compared to the day before, according to the CDC
  • GDP -32.9% in Q2 2020, according to the Commerce Department
  • Consumer spending in Q2 2020 – 10.1%
  • Economy lost -$1.8T in Q2 2020 – more than four times the losses during the Great Recession
  • +1.48M new unemployment benefits claims, the 19th consecutive week of more than one million people filing new benefits claims

The only data points offering some sort of “good” economic news come from the housing industry. Take a look at these numbers provided by the National Association of REALTORS®: 

  • NAR’s Trending Home Sales Index rose +16.6% in Q2 2020, the highest gain since 2006
  • Housing starts were +17% in June compared to May, according to the Commerce Department
  • Home sales increased +13.8% in June after increasing +19.4% in May.

Truly, the housing industry was the bright spot in Q2 2020. Robela Farooqu, chief of US economy with High Frequency Economics, said, “Home sales continue to see a bounce reflecting lower mortgage rates as well as stronger demand as more and more people work from home and opt for larger spaces>” Farooqu also gave a nod to people moving as homeowners from urban to suburban areas as another “reason” for this uptick in home sales.

Asked whether the housing industry will continue to shine brightly, Farooqu said, “I don’t know how long this lasts, but I wouldn’t be surprised if there was continued momentum for the next month or two.”

 

Thanks to The New York Times and the National Association of REALTORS®.

Also read: Sales of New Homes Soared +55% Annually in June, Is the Worst Over?, People Ditching Big Cities for Smaller Suburbs & More Space