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VRAI - U.S. New Home Market Cap Highest Since August 2006
Virtus Real Asset Income ETF
Based on the latest sales data reported by the U.S. Census Bureau, the preliminary nominal estimate of the market capitalization for new homes was $30.6 billion in August 2020.
Perhaps more remarkably, the median sale price of new homes sold in the U.S. fell to an initial estimate of $312,700 in August 2020.
With the trend for the sale prices of new homes generally flat to slightly falling over the last two years, the only way the market cap of new homes could increase is because of rising sales volumes.