- 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.
Today’s market is at a turning point, making it more essential than ever to work with a real estate professional.
Today, there’s still a shortage of inventory, which is causing ongoing home price appreciation.
In addition to building your overall net worth, equity can also help you achieve other goals like buying your next home.
Your house is also an asset that typically increases in value over time, even during inflation.
Your goal is to aim directly for the center – not too high, not too low, but right at market value.
Home prices are forecast to keep appreciating because there are still fewer homes for sale than there are buyers in the market.