A Remarkable Recovery for the Housing Market
For months, many Americans have been asking: When will the economy turn around? Experts have predicted that the housing market would lead the recovery, and today we’re seeing signs of that coming to light. With record-low mortgage rates driving high demand from potential buyers, homes are being purchased at an accelerating pace, keeping both the housing market and economy moving. Here’s what experts have to say about today’s remarkable recovery:
Ali Wolf, Chief Economist, Meyers Research:
"The housing recovery has been nothing short of remarkable...The expectation was that housing would be crushed. It was—for about two months—and then it came roaring back.”
Fannie Mae:
“Recent home purchase measures have continued to show remarkable strength, leading us to revise upward our home sales forecast, particularly over the third quarter. Similarly, we bumped up our expectations for home price growth and purchase mortgage originations.”
Javier Vivas, Director of Economic Research for realtor.com:
"All-time low mortgage rates and easing job losses have boosted buyer confidence back to pre-pandemic levels."
James Knightley, Chief International Economist, ING:
"At face value this is remarkable given the scale of joblessness in the economy and the ongoing uncertainty relating to the path of Covid-19…The outlook for housing transactions, construction activity and employment in the sector is looking much better than what looked possible just a couple of months ago."
Bottom Line
The strength of the housing market is a bright spark in the economy and is leading the way to what is being called a remarkable recovery. If you’re thinking of buying or selling a home, this could be your year to make a move.
