Despite the crippling and ongoing coronavirus pandemic, millions out of work, a recession, a national reckoning over systematic racism, and a highly contentious presidential election just around the corner, the residential real estate market is staging an astonishing rebound.
Median home prices shot up 6.2% year over year on realtor.com® in the week ending June 27, according to weekly realtor.com data. Homes are selling faster than they did in 2019, when no one had heard of COVID-19. And bidding wars are back as first-time and trade-up buyers who have lost out on other homes slug it out.
"The housing recovery has been nothing short of remarkable," says Ali Wolf, chief economist of Meyers Research, a national real estate consultancy. "The expectation was that housing would be crushed. It was—for about two months—and then it came roaring back.”
It's a far cry from the Great Recession of more than a decade ago, when home prices plummeted, mortgages were plunged under water, and foreclosures seemed to appear on just about every block. But of course, the overbuilt housing market and subprime mortgages helped cause that crisis. Back then there were a glut of homes for sale and not many eager buyers. This time it's reversed.
#realestatetrends #realestatemarket #homebuyers #bostonrealestate #homesellers