COVID19 and the Housing Market
Obviously, things are a little different in the world – let alone, the real estate world.
How are things looking while we’re still in the midst of COVID19?
According to a recent report from the U.S. Census Bureau and U.S. Department of Housing and Urban Development, newly constructed homes sold and for sale fell 15.4% in March compared to the previous month.
These new homes have also adjusted in price, dropping to a median $321,4000 – a 2.6% decline from February – but, a 3.5% rise from this point last year.
While time during COVID19 can seem uncertain, it seems as though real estate experts have a good idea on where the market will go. Shrewsbury, a New Jersey-based builder and Chief Economist from the National Association of Home Builders, Dean Mon, both released a statement on how they believe the real estate market will favor: “While we expect to see some further impacts to the industry, we remain confident that housing will be a sector that will help lead the economic recovery.”
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