Housing Market on Track to Beat Last Year’s Success

By
Real Estate Agent with Smart Way America Realty AB067859

Housing Market on Track to Beat Last Year’s Success

Back in March, as the nation’s economy was shut down because of the coronavirus, many were predicting the real estate market would face a major collapse. Some forecasts called for a 15-20% decline in transactions. However, six months later, it seems as though the housing market has fully recovered.

Mark Fleming, Chief Economist at First Americanannounced last week:

“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.”

The Economic & Strategic Research Group at Fannie Mae upgraded its forecast for home sales last week:

“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.”

The National Association of Realtors (NAR) agrees. In their last Pending Sales Report, NAR shared projections from Chief Economist Lawrence Yun:

“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.”

Yun’s forecast for 2021 was even more optimistic, stating, “Home sales will ramp up again next year, increasing between 8% - 12%.”

Bottom Line

The housing market has come roaring back and looks as though it may even surpass last year’s success.

Frank Martell, President and CEO of CoreLogic, hit the nail on the head when he said“On an aggregated level, the housing economy remains rock solid despite the shock and awe of the pandemic.”

Contact Kris Collis, your Trusted Pro in the Poconos, for guidance and confidence if you’re ready to buy or sell – or maybe both. Let’s connect to put your plans in motion. With low mortgage rates leading the way, it’s a great time to take advantage of your position today.

Courtesy:  KCM

Posted by

Your Trusted Pro in the Poconos, Professional Results You Expect 

Kris Collis, Associate Broker

Smart Way America Realty

East Stroudsburg, PA 18301

Client Endorsements

570-801-5525

buysellpocono@gmail.com

Comments (8)

Richard Weeks
Dallas, TX
REALTOR®, Broker

Great information, thanks for sharing.  I hope you have a great day.

Oct 03, 2020 02:22 AM
Barbara Todaro
RE/MAX Executive Realty - Retired - Franklin, MA
Previously Affiliated with The Todaro Team

Good morning, Kris Collis, Associate Broker the housing market in my aea has been active.... strong enough to keep the agents busy and productive with their business.....

Oct 03, 2020 06:08 AM
George Souto
George Souto NMLS #65149 FHA, CHFA, VA Mortgages - Middletown, CT
Your Connecticut Mortgage Expert

Kris Collis, Associate Broker this is great information for both Buyers and Sellers in your area.

Oct 03, 2020 03:01 PM
Debb Janes EcoBroker and Bernie Stea JD
ViewHomes of Clark County - Nature As Neighbors - Camas, WA
REALTORS® in Clark County, WA

It is an amazing housing market - the only problem, finding enough suitable homes for buyers.  

Oct 04, 2020 08:18 AM
Myrl Jeffcoat
GreatWest Realty - Sacramento, CA
Greater Sacramento Real Estate Agent

Home buyers and sellers are sure to value your real estate market report, Kris.

Oct 04, 2020 12:44 PM
Patricia Feager, MBA, CRS, GRI,MRP
DFW FINE PROPERTIES - Flower Mound, TX
Selling Homes Changing Lives

Kris Collis, Associate Broker - You are the best of the BEST! You speak the truth, the whole truth, and nothing but the truth!!!

Oct 05, 2020 02:38 PM
Endre Barath, Jr.
Berkshire Hathaway HomeServices - Beverly Hills, CA
Realtor - Los Angeles Home Sales 310.486.1002

Kris I could have sworn I commented on this post well not sure maybe after spell check it did not make it:) Loved it then and I still love it, Endre

Oct 06, 2020 10:59 PM
Debe Maxwell, CRS
www.iCharlotteHomes.com | The Maxwell House Group | RE/MAX Executive | (704) 491-3310 - Charlotte, NC
The right Charlotte REALTOR!

I love Lawrence Yun's 2021 prediction - and I agree with him 100%, Kris. May our thinventory show some gainsin 2021 - we NEED inventory desperately!

Dec 20, 2020 07:08 PM