Soaring into Record Highs: Real Estate Economy
Real estate has seen its highs and lows – but 2020 rounded out as one of its highs.
According to the Census Bureau, single-family housing was at its highest pace since 2006 in 2020; raising 12% in December.
Matthew Speakman, Zillow Economist, comments on just how successful 2020 has been for the real estate world: “2020 will go down, quite unexpectedly, as one of the best years for home builders in recent memory, and proof that great challenges – and not just those posed by COVID – can be overcome with hard work and creativity.”
Construction has always been the main stress point in real estate. However, in 2020, an estimated 1.380 million housing units were started, which is 7% above 2019.
Single-family authorizations in December was 7.8% above the November figure. Building optimism seems high and is predicated to remain high.
2021 seems promising for the real estate world – experts will keep an eye as we continue to build, purchase, and sell!
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