2020’s Home Sales Are Strong
During the height of the spring market things came to an abrupt halt as things were put on hold due to the coronavirus. Homes had come off the market, some sellers didn’t even list their homes despite their original intentions and open houses were canceled for those that were actively trying to sell. At that time period some had anticipated that this year would have a decline in home sales by around 15-20%. However, here we are amidst the fall market and it appears as though housing has made a strong recovery. Here are some reports sharing the same sentiment of a positive outlook.
National Association of Realtor’s Chief Economist, Lawrence Yun, said:
“Yun forecasts existing-home sales to ramp up to 5.8 million in the second half. That expected rebound would bring the full-year level of existing-home sales to 5.4 million, a 1.1% gain compared to 2019.”
Fannie Mae’s Economic & Strategic Research Group recently shared:
“Housing data over the past month continued to show a strong V-shape rebound, helping drive the broader economy. Existing home sales jumped to a pace not seen since 2006…We have substantially upgraded our forecasts for both new and existing home sales. For 2020, total home sales are now expected to be 1.3% higher than in 2019.”
Chief Economist at First American stated recently:
“Since hitting a low point during the initial stages of the pandemic, the only major industry to display immunity to the economic impacts of the coronavirus is the housing market. Housing has experienced a strong V-shaped recovery and is now exceeding pre-pandemic levels.”
In the end it looks to be a common trend across the country that home sales are going strong and that many economists agree that not only is this year on track to beat last year’s numbers but there is a good chance that next year may see further growth as well.