Housing Market Recovery Index Highlights
The realtor.com Housing Market Recovery Index reached 103.7 nationwide for the week ending July 25, posting a 2.7 point increase over last week and bringing the index 3.7 points above the pre-COVID baseline.
Regionally, the West and Northeast continue to lead the recovery with the overall index now visibly above the pre-COVID benchmark.
30 of the largest 50 markets in the country are now above the recovery benchmark, with the overall index showing greatest recovery in New York, Boston, Seattle, Las Vegas and Philadelphia.
National Recovery Trends
Real estate activity in the U.S. continues on an upward trajectory as we enter the middle of the summer. The realtor.com Housing Market Recovery Index reached 103.7 nationwide for the week ending July 25, posting a 2.7 point increase over last week and bringing the index 3.7 points above the pre-COVID baseline. The usual spring seasonal peak in May has shifted to August as buyers and sellers seek to emerge from the initial disruptions. As a result, measures of growth in the pace of sales, demand and price have surpassed last year levels. Growth in supply remains below seasonal normals but could reach recovery in the weeks to come. However, a sustained seller comeback still hinges on back-to-school plans and any potential lockdowns. The overall move above recovery was much needed and it will need to hold for at least another 10 weeks to make up for the lost activity in the second quarter of the year. A resurgence in COVID cases and lasting economic aftershocks pose a real upward hill for housing participants going into the fall.
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