Home Sales on Track

In the spring of this year things came to an abrupt halt as the economy was shut down due to COVID-19. Homes were removed from the market, some didn’t list their homes even though they planned on it and open houses were canceled. At that time some had speculated that this year would experience a dip in home sales by roughly 15-20%. However, here we are in the fall some 6 months later and it appears as the housing market has made a full recovery. Here are a handful of reports that share the same positive outlook.

National Association of Realtor’s Chief Economist, Lawrence Yun, said:

“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.”

Fannie Mae’s Economic & Strategic Research Group recently shared:

“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.”

Chief Economist at First American stated recently:

“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.”

Ultimately the views are widespread that home sales are going strong and that economists are in agreement that not only is 2020 on track to beat 2019’s numbers but there is a good chance that 2021 may show even more growth.