The COVID pandemic has caused a shakeup in where, and how, many people work. That has helped propel a thriving housing market.
It’s a seller’s market with single-family home sales, statewide in April, closing 33,264 homes and condo-townhouse sales totaling 17,330. Those year-over-year increases were 55.4% for single-family homes and 130.9% for condos.
Existing-home sales slid for the third month in a row in April, declining 2.7% from March to a seasonally adjusted annual rate of 5.85 million, according to the National Association of Realtors.
A recent NAHB survey shows that regulatory costs imposed by the government account for $93,870 (or 23.8%) of the current price of new homes.
Builder confidence was steady in May, carrying over April’s reading of 83 for another month, according to the most recent National Association of Home Builders/Wells Fargo Housing Market Index.
Whether they’re still weary of going to a gym full of people or just looking to work off those extra pandemic pounds in privacy, homebuyers are increasingly prioritizing home exercise rooms.
“This is a sign that the competitive purchase market, driven by low housing inventory and high demand, is pushing prices higher and weighing down on activity.” — Mortgage Bankers Association Associate Vice President of Economic and Industry Forecasting Joel Kan
With the lowest level of inventory in nearly 40 years, the 2021 spring market has homebuyers facing a level of competition not seen in a generation.
“A credit report and credit score are the gateway to a mortgage,” — NAR President Charlie Oppler.
The National Association of Home Builders published the results of its Special Study for Housing Economics, highlighting the 2020 annual census of who makes up its members.