“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.
Expert Quotes on the 2024 Housing Market Forecast
If you’re thinking about making a move next year, know that early signs show we’re turning a corner.
Why Now Is Still a Great Time To Sell Your House
Nationally, demand is still high compared to the last normal years in the housing market and plenty of buyers are making moves right now
If Your House Hasn’t Sold Yet, It May Be Overpriced
With today’s higher mortgage rates already putting a stretch on their budget, buyers are being a bit more sensitive about price.
The Perfect Home Could Be the One You Perfect After Buying
Take a close look at your wish list and considering what features you really need in your next home versus which ones are nice-to-have.
Why You Need To Use a Real Estate Agent When You Buy a Home
When it comes to buying a home, there are a lot of moving pieces. That’s why the best place to start is connecting with a real estate agent.
When You Sell Your House, Where Do You Plan To Go?
Working with a real estate agent throughout the process is mission-critical to your success. They’ll help you explore all of your options.