The housing market is red hot. The national median home price rose 13% year-over-year in September. Active listings fell 28% to an all-time low. Sales of new U.S. homes accelerated by 4.8% in August, to an annual rate of one-million units. That’s the highest since 2006. New home inventory fell to a 3.3 months of supply lowest level on records that go back to 1963. Will this home buying frenzy last? Or maybe we’re in a new kind of COVID-influenced bubble?
Who better to give us an update on the new home market than Robert D. Dietz, Ph.D. He’s the chief economist for the National Association of Home Builders, with a focus on housing and economic trends, the home building industry, survey research, and policy analysis. He has published academic research on the private and social benefits of homeownership, federal tax expenditure estimation, and other housing and tax issues. And, he has testified before Congress on housing, economic, and tax issues. Before he joined the NAHB in 2005, he worked as an economist for the Congressional Joint Committee on Taxation. He earned a Ph.D. in Economics from the Ohio State University in 2003.