“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.
The Majority of Americans Still View Homeownership as the American Dream
Buying a home is a powerful decision, and it remains a key part of the American Dream.
Key Factors Affecting Home Affordability Today
When you think about affordability, remember the full picture includes mortgage rates, home prices and wages.
Sell Your House Before the Holidays
A trusted real estate advisor can help you determine how much home equity you have and how you can use it to achieve your goal of making a move.
3 Trends That Are Good News for Today’s Homebuyers
As the market has cooled this year, some of the intensity buyers faced during the peak frenzy of the pandemic has cooled too.
Taking the Fear out of Saving for a Home
If you’re planning to buy a home, knowing what to budget for and how to save may sound scary at first but a trusted real estate professional can help.
What’s Ahead for Home Prices?
The housing market is shifting, and it’s a confusing place right now. Let’s connect so you have a trusted professional to help you make an informed decisions about what’s happening in our market.