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Illustration: Eniola Odetunde/Axios

Home Depot has been a proxy for the white-hot housing market.

What's going on: The company rode the coattails of the pandemic building boom — and just gave us a hint that it hasn't slowed down.

A fresh data point illuminates the boom: U.S. home prices soared in December at the fastest pace in six years — the latest sign of strong demand.

Details: Home Depot said Tuesday vinyl flooring, appliances and moldings drove sales at the end of last year.

  • Sales for DIY projects continued at a breakneck pace.
  • Professional builders' purchases of housing supplies jumped the most since the pandemic began.

Catch up quick: Home demand has soared, but supply is still tight — sending prices soaring.

  • Builders are racing to keep up with the demand for new homes.
  • Borrowing rates plummeted when the pandemic hit, enticing locked-down residents to seek out bigger or different homes.

The other side: As people spent more time in their homes, they put extra cash in them too, fueling a home-improvement frenzy.

What they're saying: "It took us 19 years ... to get the first $20 billion in total sales," but sales jumped by more than that in one year alone, Home Depot CEO Craig Menear told analysts today.

Go deeper

Feb 22, 2021 - Axios Tampa Bay

Tampa Bay's housing market has yet to cool off in 2021

Photo courtesy of Lauren Crowley at Sarasota Land and Homes LLC

The hot housing market has yet to cool off in 2021, with record home value growth in January, according to Zillow’s latest Market Report.

What's next: Zillow economists expect national home values to grow 10.1% in the next year. Existing home sales are expected to reach 7 million nationally in 2021, 24.8% more than in 2020.

A tale of two jobs reports

Source: Bureau of Labor Statistics; Chart: Axios Visuals

Whatever you think about the economy, you’ll find something in this morning’s conflicting jobs report to reinforce your views: America's job market is white-hot and the labor market is anemic.

Between the lines: The conflict comes from the two separate surveys the government uses to compile the report.

Elon Musk's mega-billion bounty

Photo: Patrick Pleul/picture alliance via Getty Images

Here's how insanely rich Elon Musk is: He has unloaded $10 billion of his stock in the past month — and could do that 15+ more times given his silos of shares.