{"id":1142,"date":"2020-09-28T15:06:13","date_gmt":"2020-09-28T15:06:13","guid":{"rendered":"http:\/\/phphouses.com\/blog\/?p=1142"},"modified":"2020-09-28T15:06:13","modified_gmt":"2020-09-28T15:06:13","slug":"housing-market-track-beat-last-years-success","status":"publish","type":"post","link":"https:\/\/phphouses.com\/blog\/housing-market-track-beat-last-years-success\/","title":{"rendered":"Housing Market on Track to Beat Last Year\u2019s Success"},"content":{"rendered":"
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Housing Market on Track to Beat Last Year\u2019s Success<\/p><\/div>\n

Back in March, as the nation\u2019s 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.<\/p>\n

Mark Fleming,\u00a0Chief Economist<\/em>\u00a0at\u00a0First American<\/em>,\u00a0announced<\/a>\u00a0last week:<\/p>\n

\u201cSince 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.\u00a0Housing has experienced a strong V-shaped recovery<\/strong>\u00a0and is now exceeding pre-pandemic levels.\u201d<\/em><\/p><\/blockquote>\n

The\u00a0Economic & Strategic Research Group<\/em>\u00a0at\u00a0Fannie Mae<\/em>\u00a0upgraded its\u00a0forecast<\/a>\u00a0for home sales last week:<\/p>\n

\u201cHousing data over the past month continued to show a\u00a0strong V-shape rebound<\/strong>, helping drive the broader economy. Existing home sales jumped to a pace not seen since 2006\u2026We have substantially\u00a0upgraded our forecasts<\/strong>\u00a0for both new and existing home sales.\u00a0For 2020, total home sales are now expected to be 1.3% higher than in 2019<\/strong>.\u201d<\/em><\/p><\/blockquote>\n

The\u00a0National Association of Realtors<\/em>\u00a0(NAR) agrees. In their last\u00a0Pending Sales Report<\/em><\/a>, NAR shared projections from\u00a0Chief Economist<\/em>\u00a0Lawrence Yun:<\/p>\n

\u201cYun 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,\u00a0a 1.1% gain compared to 2019<\/strong>.\u201d<\/em><\/p><\/blockquote>\n

Yun\u2019s\u00a0forecast<\/a>\u00a0for 2021 was even more optimistic, stating,\u00a0\u201cHome sales will ramp up again next year, increasing between 8% \u2013 12%.\u201d<\/em><\/p>\n

Bottom Line<\/strong><\/h3>\n

The housing market has come roaring back and looks as though it may even surpass last year\u2019s success.<\/p>\n

Frank Martell,\u00a0President and CEO<\/em>\u00a0of\u00a0CoreLogic<\/em>, hit the nail on the head when he\u00a0said<\/a>,\u00a0\u201cOn an aggregated level, the housing economy remains rock solid despite the shock and awe of the pandemic.\u201d<\/em><\/p>\n

Contact us:<\/strong>
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\nemail:\u00a0info@phphouses.com<\/p>\n

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THE INFORMATION PRESENTED IN THIS ARTICLE IS FOR EDUCATIONAL PURPOSES ONLY AND SHOULD NOT BE CONSIDERED LEGAL, FINANCIAL, OR AS ANY OTHER TYPE OF ADVICE.<\/em><\/h6>\n","protected":false},"excerpt":{"rendered":"

The housing market has come roaring back and looks as though it may even surpass last year\u2019s success. Finish Reading Housing Market on Track to Beat Last Year\u2019s Success<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[69],"tags":[38,15,167,18,91,49,42,23,40,63,20,48,13,28,47,19,17],"_links":{"self":[{"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/posts\/1142"}],"collection":[{"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/comments?post=1142"}],"version-history":[{"count":1,"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/posts\/1142\/revisions"}],"predecessor-version":[{"id":1144,"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/posts\/1142\/revisions\/1144"}],"wp:attachment":[{"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/media?parent=1142"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/categories?post=1142"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/tags?post=1142"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}