March’s pending home sales pace dropped 20.8% last month and fell 16.3% from a year ago.
During the past year, the NAR Research team has worked on improving survey invitations through multiple strategies, such as adding personalized elements, adopting a format that is more modern and interactive, and including links to relevant pages that could be of interest to members.
The CARES Act stimulus package guarantees that all homeowners with a federally-backed mortgage can receive forbearance for up to one year if they struggle to meet mortgage payments because of a loss of income as a result of the coronavirus pandemic.
Among the 4,063 respondents, 23% expect prices to remain stable, 38% expect prices to increase, and 40% expect prices to fall.
4.4 million Americans filed for unemployment last week (ending April 18), a decrease of 810,000 from the previous week’s revised level.
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.
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