- Housing Demand – Growth in online search activity
- Home Price – Growth in asking prices
- Housing Supply – Growth of new listings
- Pace of Sales – Difference in time-on-market
The index then compares the current status “to the last week of January 2020 market trend, as a baseline for pre-COVID market growth. The overall index is set to 100 in this baseline period. The higher a market’s index value, the higher its recovery and vice versa.”
The graph below charts the index by showing how the real estate market started out strong in early 2020, and then dropped dramatically at the beginning of March when the pandemic paused the economy. It also shows the strength of the recovery since the beginning of May.It’s clear to see that the housing market is showing promising signs of recovery from the deep economic cuts we experienced earlier this spring. As noted by Dean Mon, Chairman of the National Association of Home Builders (NAHB):
“As the nation reopens, housing is well-positioned to lead the economy forward.”
The data today indicates the housing market is already on the way up.
Staying connected to the housing market’s performance over the coming months will be essential, as we continue to evaluate exactly how the housing market is doing in this uncharted time ahead.
To view original article, visit Keeping Current Matters.
Many consumers are on the move! It appears that a percentage of people are preparing to leave many American cities.
If you decided not to sell this spring due, maybe it’s time to jump back into the market while buyers are actively looking for homes.
Many economists are revising their forecasts for the remainder of 2020 – and the outlook is extremely encouraging.
The hope and the goal is for those temporarily unemployed due to COVID-19 will return to their old jobs.
The virus and other challenges currently impacting the industry have created a wide range of thoughts regarding the future of home prices.
If you’re thinking of selling, know that the motivation for buyers to purchase right now is as high as ever with rates where they are today.