housing market strength

 




America has faced its share of challenges in 2020. A
once-in-a-lifetime pandemic, a financial crisis leaving millions still
unemployed, and an upcoming presidential election that may prove to be one of
the most contentious in our nation’s history all continue to test this country
in unimaginable ways.

Even with all of that uncertainty, the residential real
estate market continues to show great resilience. Here’s a look at what the
experts have said about the housing market over the past few weeks.

 

 

Ivy Zelman, CEO of Zelman & Associates:

“Whether in terms of pending contract activity or our
proprietary buyer demand ratings, the various measures of demand captured in
this month’s survey can only be described as shockingly strong, in spite of the
resurgence in COVID-19 cases.”

 

 

Logan Mohtashami, Lead Housing Analyst at HousingWire:

“Existing home sales are still down year over year by
11.3%, but as crazy as this might sound, we have a shot at getting positive
year-over-year growth…We may see an existing home sales print of 5,510,000 in
2020.”

 

 

Matthew Speakman, Zillow Economist:

“In a remarkable show of resilience, the housing market
has stared the pandemic right in the eye and hasn’t blinked.”

 

 

Todd Teta, Chief Product Officer for ATTOM Data
Solutions:

“The housing market across the United States pulled
something of a high-wire act in the second quarter, surging forward despite the
encroaching economic headwinds resulting from the Coronavirus pandemic.”

 

 

Ali Wolf, Chief Economist of Meyers Research:

“The housing recovery has been nothing short of
remarkable. The expectation was that housing would be crushed. It was—for about
two months—and then it came roaring back.”

 

 

Clare Trapasso, Senior News Editor of realtor.com:

“Despite the crippling and ongoing coronavirus pandemic,
millions out of work, a recession, a national reckoning over systemic racism,
and a highly contentious presidential election just around the corner, the
residential real estate market is staging an astonishing rebound.”

 

Bill Banfield, EVP of Capital Markets at Quicken Loans:

“The pandemic has not stopped the consistent home price
growth we have witnessed in recent years.”

 

Economic & Strategic Research Group at Fannie Mae:

 

“Recent home purchase measures have continued to show
remarkable strength, leading us to revise upward our home sales forecast,
particularly over the third quarter. Similarly, we bumped up our expectations
for home price growth and purchase mortgage originations.”

 

Mark Fleming, Chief Economist at First American:

“It seems hard to deny that when one looks at many of the
housing market statistics, a “V” shape is quite apparent.”

 

Bottom Line

The experts seem to agree that residential real estate is
doing remarkably well. If you’re thinking of jumping into the housing market
(whether buying or selling), this may be the perfect time.

 

Source: Real Estate with Keeping Current Matters