Earlier this year, realtor.com released the Housing Recovery Index, a weekly guide showing how the pandemic impacted the real estate market. The index leverages a weighted average of four key components of the housing industry by tracking each of the following:
- Housing Demand – Growth in online search activity
- Home Price – Growth in asking prices
- Housing Supply – Growth of new listings
- Pace of Sales – Difference in time-on-market
Today, the index stands at its highest point all year, including the time before the economic shutdown.
The Momentum Is Still Building
Though there is some evidence that the overall economic recovery may be slowing, the housing market is still gaining momentum. Zillow tracks the number of homes that are put into contract weekly. Their latest report confirms that buyer demand continues to outpace this same time last year dramatically, and the percent increase over last year is growing.
Clearly, the housing market is not only outperforming the grim forecasts from earlier this year, but it is also eclipsing the actual success of last year. Frank Martell, President and CEO of CoreLogic, explains it best:
“On an aggregated level, the housing economy remains rock solid despite the shock and awe of the pandemic.”
Bottom Line
Whether you’re considering buying or selling, staying on top of the real estate market over the coming months will be essential to your success.Is Now a Good Time to Move?
