Existing home sales saw a strong gain of 6.5% m/m in February, but with the whole of California being locked down the risks are building to our initial view that sales will see a 35% drop in the second quarter. Assuming the outbreak is brought under control, and Congress takes decisive measures to support household incomes, pent-up demand from the spring should help sales recover later in the year.
Become a client to read more
This is premium content that requires an active Capital Economics subscription to view.
Already have an account?
You may already have access to this premium content as part of a paid subscription.
Sign in to read the content in full or get details of how you can access it
Register for free
Sign up for a free account to:
- Unlock additional content
- Register for Capital Economics events
- Receive email updates and economist-curated newsletters
- Request a free trial of our services