Global Macro Service > Research Briefings > United States

The housing boom won’t end, but it will slow down

Low mortgage rates, high affordability, stable to higher incomes, and migration to less dense regions supported the US housing sector’s outperformance in 2020. A solid economic recovery bolstered by more fiscal stimulus, still-low mortgage rates, and unmet demand should continue to prop up home sales and construction in 2021, but we expect momentum to cool in the face of a chronic shortage of homes for sale and eroding affordability.

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