“ShowingTime indicates the real estate market has already come back from the downturn earlier this year that was caused by shelter-in-place orders.”
One of the biggest surprises of 2020 is the resilience of the residential real estate market. Lawrence Yun, Chief Economist of the National Association of Realtors (NAR), is now forecasting that more homes will sell this year than last year. He’s also predicting home sales to increase by 8-12% next year. There’s strong evidence that he will be right.
ShowingTime, a leading showing software and market stat service provider for the residential real estate industry, just reported on their latest the ShowingTime Showing Index:
“Home buyer traffic jumped again in July, recording a 60.7 percent year-over-year increase in nationwide showing activity.”
That means there are 60% more buyers setting appointments to see homes than there were at this same time last year. The number of potential purchasers was also up dramatically in every region of the country:
- The Northeast was up 76.6%
- The West was up 56.7%
- The Midwest was up 52.1%
- The South was up 46.7%
The Housing Market Is Showing a ‘V’ Type Recovery
ShowingTime also indicates the real estate market has already come back from the downturn earlier this year that was caused by shelter-in-place orders. Here are the year-over-year numbers for each region on a monthly basis (See graph below):
We’re way ahead of where we were at this time last year. This data validates the thoughts of Frank Martell, President and CEO of CoreLogic, who recently noted:
“On an aggregated level, the housing economy remains rock solid despite the shock and awe of the pandemic.”
Bottom Line
If you’re thinking about selling your house, this may be a great time to get the best price and the most favorable terms.
To view original article, visit Keeping Current Matters.
Where Will You Go If You Sell? Newly Built Homes Might Be the Answer.
New home construction is up and is becoming an increasingly significant part of the housing inventory.
Why Homeownership Wins in the Long Run
It’s important to think about the long-term benefits of homeownership when deciding whether or not to buy a home.
The True Cost of Selling Your House on Your Own
When it comes to selling your most valuable asset, consider the invaluable support that a real estate agent can provide.
What Homebuyers Need To Know About Credit Scores
Your credit score is one of the most important factors lenders consider when you apply for a mortgage.
Why the Median Home Price Is Meaningless in Today’s Market
Using the median home price as a gauge of what’s happening with home values isn’t worthwhile right now.
Saving for a Down Payment? Here’s What You Need To Know.
One of the biggest misconceptions among housing consumers is what the typical down payment is.