Real Estate Market Forecasted To Beat 2019

Home sales are strong

This spring everything came to a grinding halt as the economy was shut down due to the coronavirus. Homes that were for sale came off the market, some didn’t end up listing their homes as they postponed their plans and open houses were canceled. At that time some had anticipated that this year would have a downward trend in home sales by some 15 to 20%. However, as we check in after 6 months it appears as the housing market has made a great recovery. Here are a few 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.”

In the end it looks to be widespread that home sales are propelling strongly and that economists  agree that not only is this year on track to beat last year’s numbers but there is also a solid chance that next year may see further growth.