“Earlier this month, realtor.com announced the release of their initial Housing Recovery Index, a weekly guide showing how the pandemic has impacted the residential real estate market.”
- 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.
Bottom Line
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.
Real Estate Still Holds the Title of Best Long-Term Investment
Homeownership has long been tied to building wealth—and for good reason.
What To Do When Your House Didn’t Sell
If you want an expert’s advice on why your home didn’t sell, rely on a trusted real estate agent.
Do Elections Impact the Housing Market?
While Presidential elections do have some impact on the housing market, the effects are usually small and temporary. For help navigating the market, election year or not, let’s connect.
How Long Will It Take To Sell My House?
You may be wondering how long the whole process is going to take. One way to get your answer? Work with a local real estate agent.
Housing Market Forecast: What’s Ahead for the 2nd Half of 2024
Here’s what experts say you should expect for home prices, mortgage rates, and home sales.
Why a Vacation Home Is the Ultimate Summer Upgrade
If you’re excited about getting away and having some fun in the sun, it might make sense to own your own vacation home.