Home Sales On Track To Surpass Last Year’s Numbers

This past spring most things came to a grinding halt as the economy was put on hold due to the coronavirus. Homes were removed from the market, some didn’t even list their homes regardless of their original intent and open houses were canceled. At that point some had speculated that this year would see a decline in home sales by upwards or 15-20%. However, here we are revisiting the status after 6 months and it appears as the housing market has made a full rebound. Here are some reports sharing 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 it looks to be widespread that home sales are going at a strong pace and that economists are agreeing that this year is slated to outpace last year’s numbers but there is a solid chance that 2021 may see even more growth.