One of the biggest surprises of 2020 is the resilience of the residential real estate market. Lawrence Yun, Chief Economist of the National Association of Real Estate Agents (NAR), is now predicting that more homes will sell this year than last year. He also predicts home sales to increases is 8-12% next year. There is strong evidence that he is right.
Showing Time, a leading display software and market statistics provider for residential real estate industry, only reported about their newest the Index of Display Time:
“Home buyer traffic jumped again in July, recording 60.7 percent year after year an increase in nationwide showing performance. “
That means there are 60% more buyers arranging appointments to see homes than at that same time last year. The number of potential buyers has also grown dramatically in every region of the country:
- Northeast grew 76.6%
- The West grew 56.7%
- Midwest grew 52.1%
- South grew 46.7%
The Housing Market Shows Typical Recovery ‘V’
Showing Time also indicates the real estate market has already returned from the downturn earlier this year, caused by sheltered local orders. Here are the inter-annual numbers for each region per month (See graph below):We are well ahead of where we were at the time last year. These data confirm the thoughts of Frank Martell, President and CEO of CoreLogic, which recently noticed:
“On an overall level, the housing economy remains solid rock despite the shock and respect of the pandemic. ”
If you are thinking about selling your house, this may be a great time to get the best price and the most favorable conditions.
Content previously posted in Keep Current Things