Here are the latest housing market forecasts and estimates for 2021 and 2022. The global epidemic has torn the world system apart and hit the U.S. economy the hardest since the Great Depression of the second quarter. The housing market stalled briefly in the spring due to uncertainty and widespread homeownership orders, but 2020 was a record year for the residential real estate market.
Despite the epidemic, home prices continue to rise in all major markets. According to economists and market observers, the residential real estate sector has so far been instrumental in the country's economic recovery in most cases. It has emerged as a pillar to support the economy.
Although millions of people have been given or are on vacation, this has not prevented hunters in the country from buying homes. As a result, the real estate market saw the highest growth rate of sales since the unprecedented realization boom in 2005. This expansion was driven by the current mortgage boom driven by neglect and strong demand and record-breaking mortgage rates.
Both of these factors were driven by the coronavirus epidemic. The epidemic had already begun to grow before the outbreak, but the epidemic accelerated to double digits. The housing market has risen to a record high since June after a brief pause during this spring’s outbreak. As prices continue to rise on a monthly basis, this only shows the resilience of the U.S. housing market in the ongoing economic downturn.
Despite economic uncertainty, the final disputed election, and the growing spread of the epidemic, domestic workers continue to sell relatively few homes. The epidemic has actually reduced the ability of homebuilders to meet their housing needs because the land has run out. The housing market has already solidified with previously owned homes
The number of homes for sale has declined and is about 30 percent lower than in recent years - leaving the market with weak demand and two-thirds of supply. Both home inventory and mortgage rates are now below their historic lows. The rise in remote work has also led to a new upsurge in the suburbs, and the lack of improved land means construction companies may be unable to meet growing demand and house prices will continue to rise in 2021.
One thing that has been talked about a lot is that suburban housing is growing in the market due to the exodus from cities. The epidemic forced some homebuyers to search for houses in a different place than initially planned. Various polls indicate that interest in rural and suburban areas is increasing and interest in urban areas is declining.
Nonetheless, Zillow published a comprehensive survey examining each conceivable data point of the housing market related to cities and suburbs to see if there were significant differences in the direction of migration from cities to suburbs.
According to that survey, suburban housing markets did not strengthen at an unnecessarily fast pace compared to urban markets. Both types of areas seem to be the best sellers at the moment - many suburban housing activities have seen a sharp improvement in recent months, as have many urban areas.
However, the epidemic has increased the desire for houses with a little more space and a garden. Add low interest rates to that record and prices from city to suburban markets have skyrocketed across the country.
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