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THE HOUSING MARKET ACTS LIKE THE STOCK MARKET

THE HOUSING MARKET ACTS LIKE THE STOCK MARKET

US Housing Market Predictions

NAR reported that home sales likely hit their bottom in mid April. Does that suggest the housing market and Realtors are very resilient and resourceful?

Now with today’s amazing jobs report for May combined with new stats released from NAR, it looks like we’re already into a good economic and housing market recovery.

NAR’s forecast is for prices is to rise 1.1% and home sales to drop 15% for all of 2020.

May’s initial sales numbers have been released but the full set of stats won’t be available for a few weeks.

National housing inventory fell 19.9% year-over-year (-15.3 percent in April)

housing inventory in large markets decreased by 21.9% year over year

newly listed properties declined by 29.4% over the past year, and 28.6% in large markets (declined 44.1 % year-over-year in April)

The May national median listing price was $330,000, up 1.6% year-over-year.

homes sold in an average 71 days in May, 15 days more slowly than last year

mortgage applications are up 18%

Bottom line is that real estate is an even more precious asset when gold and oil are worthless, and equities are overvalued.

https://gordcollins.com/real-estate/us-housing-market-forecast/