COVID-19 has affected both buyer and seller willingness to transact sales in the time that the virus is actively circulating in many communities due to social distancing concerns and hesitation among many to complete a 100% virtual transaction. The direction of this year’s housing market is clear ahead of the Super Bowl. After initial positive news from Pfizer on the apparent success of its vaccine – news that investors interpreted as a large step towards a return to normalcy – rates initially seemed ready to finally move forward after staying near all-time lows for the past several months. Data released Thursday showed that another 1.1 million people filed for unemployment claims last week, about 55,000 more than the week before. This will mean buyers need more cash for a downpayment and higher credit scores in order to get a loan with many lenders. Experts forecast how the coronavirus may affect the housing market long term. Indianapolis, Indiana, is a desirable secondary market . Pending home sales data do point to some cool down to come, but by now it’s clear: Underestimate the enduring strength of the housing market and the will and creativity of consumers in finding ways to get deals done at your own peril. Analytics built by: Location ... 2020 Q1 - 2020 Q2: 0.88%: 3.57%: 7. I highlight national MARKET STATISTICS including months supply of inventory, pending sales, transaction volume, pricing trends and the varying dynamics between luxury home sales versus entry-level housing. If you wish to report an issue or seek an accommodation, please, Zillow, Inc. has a real estate brokerage license in multiple states. Most of Canada’s housing market likely to be fertile ground for bidding wars in 2020 By Erica Alini Global News Posted January 16, 2020 7:00 am Michigan's largest real estate company, Real Estate One, with offices servicing Michigan, knows the Michigan real estate market. 2020 Michigan Housing Market Forecast. The economic impacts of these events are far-reaching. These people are either those who don’t qualify for traditional jobless benefits – including gig workers and the self-employed – or those who have been unemployed for more than six months. Fiscal policy makers also reacted quickly, targeting some funds to public health initiatives and others to shore up small businesses and households via lending programs and direct payments. Check out the latest US stats, and discover when you should buy or sell. Housing is the cornerstone of thriving communities and every person deserves safe, affordable,and quality housing, yet according to the Michigan Statewide Housing Needs Assessment, about 50% of our state’s renters, and 25% of its homeowners pay too much for housing. This has pushed up the, Consumer confidence is tied strongly to stock market performance and the jobs market. Let’s get started. New listings were down about 12-13% in March, though 202 single-family homes and 69 condos still sold. That’s compared to the original housing market forecast of a decline of 1.8 percent in home sales. The labor market effects of COVID-19 and public health measures to cope with it have been unprecedented. August 21, 2020 Home sales skyrocketed in July, as did sale prices, as the inventory shortage persists. The economic decline in activity took on a global scale, as results for the first quarter have been illustrating. Many sellers are expected to come back to the market in late-summer when COVID infections are expected to abate enough to permit a resumption in many types of activities, giving buyers options and boosting sales in these months. The inventory of homes for sale hit new lows and was likely to continue to present one of the biggest obstacles to additional home sales pre-COVID. What should be a high right now in the housing market, Detroit is leading the nation in the decline of home sales. For comparison, in the worst period of job losses in the 2008 recession, it took 58 weeks–more than a year–for the economy to shed a similar number of jobs. The housing market in various parts of the country did start to soften in … Pending home sales data do point to some cool down to come, but by now it’s clear: Underestimate the enduring strength of the housing market and the will and creativity of consumers in finding ways to get deals done at your own peril. Visit our website to read about the current market conditions, view real estate market videos that are updated monthly, and view quarterly market reports for Michigan counties showing the listing inventory and days on market by city. And where should you invest in … The official June 2020 Florida Housing Report was released on June 22, 2020, for the finalized market statistics from May 2020. Relentless Housing started 2020 with substantial momentum as evidenced by hitting some of the best home sales and housing starts pace in more than a decade in the December 2019 to February 2020 period. The median existing-home price rose to $313,000 in October, up 15.5% from October 2019 — the fastest annual rate of price appreciation since October 2005. Suburbs With a City Feel? These preferences plus a renewed focus on preparing for the unexpected are likely to keep affordable suburbs and secondary markets top of mind for many buyers. A Statewide Housing Plan. • National house price growth projected to come in around 2% over 2020 • Rental growth to accelerate further next year as supply/demand imbalance intensifies Housing market activity unlikely to shift up materially in 2020 Activity across the UK housing market has remained relatively subdued over the past twelve months. A list of our real estate licenses is available. 3 Year Forecast: UP Forecast Accuracy: 78% The forecast for the trend in the Michigan housing market for the 3 years Gretchen Whitmer allowed the real estate market to … “The real estate market was strong prior to COVID-19, with increased sales and prices through 2019 and the first two months of 2020,” said Kristin Gennetti, a realtor with Century 21 North East. For the purposes of measurement, economic activity is divided into private spending and investment, government spending, and net exports. Check out the latest US stats, and discover when you should buy or sell. Large slides in economic activity of member countries, like France, Italy, Spain, and Belgium drove this decline. Already, we’ve seen a trend of more large metro shoppers looking for housing outside of their current metro which is likely to continue. 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