(Source: Keeping Current Matters)
October 14th, 2020
Due to the current pandemic and stay-at-home orders being in place, many have begun wondering what this would mean for the housing market. Would 2020 be the year that appreciating home values would come to a stop after several years? Some even wondered if home prices would begin to depreciate.
Fortunately, the COVID-19 pandemic actually had very little negative impact on the housing market and according to Mark Fleming, Chief Economist at First American, “the only major industry to display immunity to the economic impacts of the coronavirus was the housing market.”
According to a recent report from the Federal Housing Finance Agency (FHFA), “home prices actually rose 6.5% from the same time last year. They also noted that price appreciation accelerated to record levels over the summer months as we saw that “between May and July 2020, national prices increased by over 2%, which represents the largest two-month price increase observed since the start of the index in 1991.”
Overall, home values have withstood the current pandemic and we are not seeing a housing crash like we did in 2008. Many sellers are actually receiving multiple offers on their home due to such low inventory and high buyer demand. If you are considering listing your home, a home valuation tool to see how much your home is worth is a great option in the current market we are in!
CLICK HERE to find out how much your home might be worth!
Source: Keeping Current Matters