{"id":6284,"date":"2020-09-28T10:00:36","date_gmt":"2020-09-28T10:00:36","guid":{"rendered":"https:\/\/blog.sfloridaluxuryhomes.com\/?p=6284"},"modified":"2020-09-28T10:00:36","modified_gmt":"2020-09-28T10:00:36","slug":"housing-market-on-track-to-beat-last-years-success","status":"publish","type":"post","link":"https:\/\/blog.sfloridaluxuryhomes.com\/?p=6284","title":{"rendered":"Housing Market on Track to Beat Last Year\u2019s Success"},"content":{"rendered":"
\n

\"Housing<\/p>\n

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.<\/span><\/p>\n

Mark Fleming, Chief Economist<\/em> at First American<\/em>, announced<\/a> last week:<\/p>\n

\n

“Since hitting a low point during the initial stages of the pandemic, the only major industry to display immunity to the economic impacts of the coronavirus is the housing market. Housing has experienced a strong V-shaped recovery<\/strong> and is now exceeding pre-pandemic levels.”<\/em><\/p>\n<\/blockquote>\n

The Economic & Strategic Research Group<\/em> at Fannie Mae<\/em> upgraded its forecast<\/a> for home sales last week:<\/p>\n

\n

“Housing data over the past month continued to show a strong V-shape rebound<\/strong>, helping drive the broader economy. Existing home sales jumped to a pace not seen since 2006…We have substantially upgraded our forecasts<\/strong> for both new and existing home sales. For 2020, total home sales are now expected to be 1.3% higher than in 2019<\/strong>.”<\/em><\/p>\n<\/blockquote>\n

The National Association of Realtors<\/em> (NAR) agrees. In their last Pending Sales Report<\/em><\/a>, NAR shared projections from Chief Economist<\/em> Lawrence Yun:<\/p>\n

\n

“Yun forecasts existing-home sales to ramp up to 5.8 million in the second half. That expected rebound would bring the full-year level of existing-home sales to 5.4 million, a 1.1% gain compared to 2019<\/strong>.”<\/em><\/p>\n<\/blockquote>\n

Yun’s forecast<\/a> for 2021 was even more optimistic, stating, “Home sales will ramp up again next year, increasing between 8% – 12%.”<\/em><\/p>\n

Bottom Line<\/strong><\/h3>\n

The housing market has come roaring back and looks as though it may even surpass last year’s success.<\/p>\n

Frank Martell, President and CEO<\/em> of CoreLogic<\/em>, hit the nail on the head when he said<\/a>, “On an aggregated level, the housing economy remains rock solid despite the shock and awe of the pandemic.”<\/em><\/p>\n

Content previously posted on Keeping Current Matters<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"

\"HousingBack 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 […]<\/div>\n","protected":false},"author":3,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"bgseo_title":"","bgseo_description":"","bgseo_robots_index":"","bgseo_robots_follow":"","footnotes":""},"categories":[3,84,85,86],"tags":[],"class_list":["post-6284","post","type-post","status-publish","format-standard","hentry","category-blog","category-for-buyers","category-for-sellers","category-housing-market-updates"],"_links":{"self":[{"href":"https:\/\/blog.sfloridaluxuryhomes.com\/index.php?rest_route=\/wp\/v2\/posts\/6284","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/blog.sfloridaluxuryhomes.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blog.sfloridaluxuryhomes.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blog.sfloridaluxuryhomes.com\/index.php?rest_route=\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/blog.sfloridaluxuryhomes.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=6284"}],"version-history":[{"count":0,"href":"https:\/\/blog.sfloridaluxuryhomes.com\/index.php?rest_route=\/wp\/v2\/posts\/6284\/revisions"}],"wp:attachment":[{"href":"https:\/\/blog.sfloridaluxuryhomes.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=6284"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.sfloridaluxuryhomes.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=6284"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.sfloridaluxuryhomes.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=6284"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}