New construction saw high marks for July as city dwellers make the shift to more living and work from home space offered in the suburbs. New construction rates surged 23.4% with an annualized rate of 1.5 million compared to July 2019. The increase was much higher than expected, especially with unemployment rates being high and many Americans facing income fluctuations. 

Home sales, on the other hand, have lagged while prices have set new records precipitated by low-interest rates set in light of the pandemic. 

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