“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.
This Real Estate Market Is the Strongest of Our Lifetime
This is one of the most foundationally strong housing markets of our lifetime – if not the strongest housing market of our lifetime.
Real Estate Is Still Considered the Best Long-Term Investment
Real estate was voted the best long-term investment for the 11th consecutive year, beating gold, stocks, and bonds.
Oops! Home Prices Didn’t Crash After All
Home prices didn’t come crashing down and may already rebounding from the minimal depreciation experienced over the last few months.
Keys to Success for First-Time Homebuyers
The best way to make sure you’re set up for success, especially if you’re just starting out, is to work with a trusted real estate agent.
Today’s Real Estate Market: The ‘Unicorns’ Have Galloped Off
The pandemic profoundly changed real estate over the last few years. The demand for a home of our own skyrocketed, and needs changed.
The Benefits of Selling Now, According to Experts
Sellers who price and market their home competitively shouldn’t have a problem finding a buyer especially in today’s market.