Published Date 7/6/2020
While the coronavirus's effects remain a concern, the housing market continues to show positive signs of recovery, according to realtor.com's weekly Housing Market Recovery Index.
Housing Wire's Julia Falcon reports that the index is set to 100 for the last week of January, and a value of 100 means the market has recovered to the pace seen that month. "Housing demand, home prices, the pace of sales and inventory are all positively climbing, although still lower than that January baseline," she says. "The Housing Recovery Index reached 95.8 nationwide for the week ending June 27 and 12 of the 50 largest markets are showing recovery, with the greatest occurring in Boston, San Francisco, Seattle, Denver, and Philadelphia."
The Northeast, which got hit earliest by COVID-19 and thus may have seen the worst of it so far, surpassed the recovery benchmark this week, according to the report, which also said that Midwest economies lagged due to struggling economies while Sunbelt markets with worsening COVID-19 conditions are also struggling.
"Housing demand has bounced back as summer home-buying is in full-force. Improvement in the pace of sales remains highly dependent on cities' ability to successfully contain COVID cases and safely reopen their economies," the report said.
Meanwhile, prices for homes also moved further past the recovery threshold. "In the U.S., the overall weekly index value is calculated as a weighted composite of four indexed components, including 'housing demand,' based on realtor.com online search activity (10%); 'home prices' based on median list prices (30%); 'housing supply' based on new listings (30%); and 'pace of sales' based on median time on market (30%)," Falcon reports.
Source: Realtor | TBWS
All information furnished has been forwarded to you and is provided by thetbwsgroup only for informational purposes. Forecasting shall be considered as events which may be expected but not guaranteed. Neither the forwarding party and/or company nor thetbwsgroup assume any responsibility to any person who relies on information or forecasting contained in this report and disclaims all liability in respect to decisions or actions, or lack thereof based on any or all of the contents of this report.
Superior Funding Corporation is a Massachusetts Mortgage Company. Massachusetts Mortgage Lender and Broker License: MC2972, NMLS ID: 2972.
NMLS: 11481
Superior Funding Corporation
343 Washington Street, Newton MA
Company NMLS: 2972
Office: 617-938-3900
Email: rshulman@sfcorp.net
Web: http://sfcorp.net
NMLS: 11481
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