New Home SalesCENSUS
822K
U.S. Housing Market · 2020 · NBER recession
U.S. Housing Market in 2020
pandemicremote work boomrates to 3%
Existing SalesNAR
5.64M
Median PriceNAR
$295,300
30Y MortgagePMMS
3.11%
2020 was the year the pandemic broke the U.S. housing market in two: existing inventory froze, but new-home sales surged to 822,000 — the highest reading since 2006.
The Federal Reserve cut the federal funds rate to zero in March, and 30-year mortgage rates fell to 3.11% by year-end — the lowest annual average in the 50-year PMMS series at that point. Remote work created new demand for larger suburban homes. Existing-home sales reached 5.64M despite the inventory freeze; prices jumped 9.4% YoY to a median of $295,300. The 2021 print would prove even more dramatic.