- 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.
If you’re thinking of putting your house on the market, don’t wait. A seller will always negotiate the best deal when demand is high and supply is low.
Despite today’s low inventory, there is hope on the horizon. As the country continues to reopen, more homes will be listed for sale.
Finding the right agent should be your top priority when you’re ready to buy or sell a home.
The reason prices continue to accelerate is that housing inventory is still at all-time lows while demand remains high.
Today, the asking price is often becoming the floor of the negotiation rather than the ceiling.
If you purchased a larger second home during the pandemic, will you continue to use it or should you sell and cash in?