One positive effect of sheltering /staying in place orders is that people are engaging in more home hobbies and creative activities that they may have not had time for before due to social activities
Housing market activity this March fell 8.5% from February 2020. However, March’s sales of existing homes rose modestly at 0.8 % from March 2019.
Homebuyer traffic plummeted in March 2020 in the midst of a full-blown coronavirus pandemic that was declared a national emergency and result in stay-at-home orders in an effort to slow the spread of the virus. In conjunction with the “Quarantine Effect,” mortgage rates hit a record low while unemployment claims hit a record high and U.S. jobs significantly decreased amid a declining stock market.
5.2 million Americans filed for unemployment last week (ending April 11), a decrease of 1,370,000 from the previous week’s revised level.
Over the next 12 months, we expect the demand for multifamily properties and industrial properties to increase, while the demand (absorption) for retail and office properties will likely decline.
At the national level, housing affordability conditions improved in February 2020 compared to last a year ago and rose compared to January.
According to the today’s release from the Labor Department, 6.6 million Americans filed for unemployment last week.
The multifamily market was the most attractively bought property asset in past years.
Older Millennials, buyers aged 30 to 39 years, made up the largest share of home buyers by generation at 25 percent of all home buyers in 2019.
According to the Department of Labor, the number of Americans filing claims for unemployment benefits shot to a record of 6.6 million last week.
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