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Homebuyers head to the 'burbs

from By Michael J. Berens

MULTIBRIEFS EXCLUSIVE Homebuyers head to the 'burbs By Michael J. Berens New home sales soared in May, pushing year-over-year sales figures back into the black. Low interest rates, a shortage of existing homes for sale, and early steps to revive economic activity helped to fuel the demand for new homes. So did what appears to be a growing pandemic-driven trend, a migration from cities to the suburbs. After two months of declining sales, purchases of new homes vaulted 16.6% in May compared to the previous month, according to U.S. Census Bureau estimates. Demand drove prices back up as well. READ MORE

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