With the Coronavirus pandemic came an almost dead stop to the real estate industry caused by fear of the future regarding jobs, health, the drop in consumer confidence and the stock market. BUT just as suddenly as things turned to chaos, the housing market, enhanced by historically low mortgage interest rates, has actually become a welcome high point among many still uncertain lows.
After an almost stagnant spring, home sales rebounded in May and June. New construction rose to 16.6% in May and then continued to rise to over 17% in June. Pending home sales showed the highest one month gain since the NAR (National Association of Realtors) started tracking numbers almost 20 years ago rising an amazing 44.3% in May.
Whether you’re a buyer or a seller, this is good…no great news!!