New Home Sales In US: Pandemic? What Pandemic?

Despite unprecedented unemployment amid a global pandemic, US new home sales positively boomed in August.

Markets Insider reports new US home sales shot up 4.8% to an annual rate of 1 million units in August.

That's the most rapid pace since 2006 and marks four consecutive months of increasing sales.

The housing market has been one of the few bright spots in the virus-rattled economy.

However, some fear that a dwindling supply of new homes people can buy will soon halt the sector's rally.