“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.
The Big Advantage If You Sell This Spring
Thinking about selling your house? If you’ve been waiting for the right time, it could be now while the supply of homes for sale is so low.
Homebuyer Activity Shows Signs of Warming Up for Spring
The recent uptick in mortgage applications, and the decline in mortgage rates, is good news for sellers!
Trying To Buy a Home? Hang in There.
As we move into the spring buying season, even though we are still in a sellers’ market, mortgage rates have ticked lower, a welcomed sign of progress towards affordability.
Two Reasons You Should Sell Your House
Wondering if you should sell your house this year? As you make your decision, think about what’s motivating you to consider moving and let’s connect today!
How Changing Mortgage Rates Can Affect You
It’s critical to lean on your expert real estate advisors to explore your mortgage options and understand what impacts mortgage rates.
We’re in a Sellers’ Market. What Does That Mean?
Right now, there are still buyers who are ready, willing, and able to purchase a home. List your home at the right price 🙂