New insight is constantly being unveiled, and it’s been faster than ever. This is due to the lasting effects the COVID crisis has had on the market and the uncertainty companies everywhere are still experiencing.
Realtor.com has released its weekly Housing Market Recovery Index with interesting findings. May is the usual home buyer’s season. But because of the pandemic, that has shifted to August. Numbers are up for everything except for inventory, which still struggles to keep up with the demand of consumers looking to move.
Realtor.com Housing Market Recovery Index highlights:
Javier Vivas, Director of Economic Research for realtor.com, said:
"Real estate activity in the U.S. has regained its strength and continues on an upward trajectory as we enter the middle of the summer. However, a sustained seller comeback still hinges on back-to-school plans and extended lockdowns. The housing market will need to remain above pre-COVID levels for at least another 10 weeks to make up for the lost activity in the second quarter of the year. As we head into fall, an anticipated resurgence in COVID cases and economic aftershocks are likely to create an uphill battle for home buyers and sellers."
Pretty okay news, considering what was originally predicted for this time period during the early months of the pandemic. What these reports continue to show, however, is the need for more inventory on sites. People are wanting to move, but signs are pointing towards those moving from metro areas to rural areas is a much larger amount than the opposite. There aren’t enough people selling their homes to meet the demands.