Real Estate Rundown August 2020

August 29, 2020


Even with the ebbs and flows of COVID-19, the real estate market has remained resilient and homes are selling at the fastest rate ever recorded. During this time of uncertainty, buyers are seeking stability through the housing market. July saw improvements, and experts predict what the future holds below. 

 

Consumer Behavior During the Pandemic 

Consumers Are Spending Again! Here's What That Means for Real Estate

“Record low mortgage rates that finally slipped below 3% will cut mortgage costs for homebuyers in the market now and likely draw in more buyers in the weeks ahead.” 

Rural real estate prices rise as people consider leaving cities

Working from home means people are willing to move away from expensive urban centers. “Data from Realtor.com suggests people are interested in moving and there seems to be an increasing appeal in properties outside of cities.”

 

The Housing Market’s Resilience

Homes are selling at the fastest rate ever recorded by Zillow

“Homes are typically selling just 20 days after hitting the market, according to a weekly market survey published Thursday by Zillow.” 

Home sales jumped nearly 21% in June

“After several months of plummeting sales caused by the coronavirus pandemic, the housing market came back to life in June, according to the National Association of Realtors.” 

 

What the Future Holds

Mortgage Demand Sees 19% Gain As Interest Rates Stay At Record Lows

“Usually this is the time of year when we start to see home buying slow down for the peak summer months, but not this year. Not even close. This past week the applications for purchasing a home were 19.1% higher than they were a year ago, according to the weekly report from the Mortgage Bankers Association.” 

Housing market performance directly correlates with the economy’s resilience

Check out if your city is one of the resilient ones with homeowners willing to buy and move. “Home co-investment company Unison recently released its first Resilient and Vulnerable Cities report, in which it used data to predict which U.S. cities will likely see housing prices suffer. On the flip side of that, it also identified which cities will likely see housing prices stay stable or rise.”

 

Looking for real estate market data? Learn more at FMAdata.com or call 303-443-2070 today.

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