Even with the COVID-19 pandemic, 2020 has seen a lot of upticks in the residential real estate market. In fact, Lawrence Yun, Chief Economist of the National Association of Realtors (NAR), believes that the sales will be higher this year than they were last year. His prediction for next year forecasts an 8 – 12% increase in home sales.
According to ShowingTime which is used by Realtors to track showings, home buyer traffic jumped again in July, recording a 60.7 percent year-over-year increase in nationwide showing activity.
Traffic was up in each region of the U.S. The Northeast saw the biggest increase at 76.6%, the West at 56.7%, Midwest saw an uptick by 52.1% and the South was up 46.7%. Approximately 60% more buyers are out there looking for a home than this same time last year. This indicates that the market has already rebounded from the downturn it faced during the pandemic’s shelter-in-place orders.
“On an aggregated level, the housing economy remains rock solid despite the shock and awe of the pandemic,” noted Frank Martell, President and CEO of CoreLogic.
Now is a great time to sell or purchase a new home. If you are in the market, call a Realtor who can get the best price for both the sale and purchase of a new home.
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