Original forecasts modeled this uncertainty, and they ranged anywhere from home values gaining 3% (Zelman & Associates) to home values depreciating by more than 6% (CoreLogic). However, as the year unfolded, it became clear that there would be little negative impact on the housing market. As Mark Fleming, Chief Economist at First American, recently revealed: “The only major industry […]
Housing Market on Track to Beat Last Year’s Success
Back in March, as the nation’s economy was shut down because of the coronavirus, many were predicting the real estate market would face a major collapse. Some forecasts called for a 15-20% decline in transactions. However, six months later, it seems as though the housing market has fully recovered. Mark Fleming, Chief Economist at First American, announced last week: “Since […]
Home Builder Confidence Hits All-Time Record
As the following chart shows, confidence dropped dramatically when stay-in-place orders were originally mandated earlier this year. Since then, it has soared back. Looking at the three-month moving averages for HMI scores, confidence increased in every region of the country: The Northeast increased 11 points to 76 The Midwest jumped 9 points to 72 The […]
The Cost of a Home Is Far More Important than the Price
“Newly pending sales are up 25.5% compared to the same week last year, the highest year-over-year increase in the weekly Zillow database.” Whenever there is a shortage in supply of an item that’s in high demand, the price of that item increases. That’s exactly what’s happening in the real estate market right now. CoreLogic’s latest Home Price Index reports […]