With most states lifting the restrictions of business and public spaces, hundreds of millions of people started moving around again. Mobility typically brings economic development and, subsequently, a faster recovery in the local economy from the recent shutdown orders.
In considering where to move, potential home owners and renters have to keep their fingers on the pulse of home price and rent growth.
The Coronavirus Crisis has people struggling to pay bills: twelve percent of homeowners did not pay on time their mortgage last month, according to the U.S. Census.
With significant improvements in the job market, employment grew by 4.8 million new jobs in June.
The near 5 million job additions in a single month in June is off-the-chart the best ever by a wide margin.
May’s pending home sales pace rose 44.3% last month and fell 5.1% from a year ago. Even with the declines, pending sales bounced back from the prior two months.
Existing-home sales data showing that housing market activity this May fell 9.7% from April 2020. May’s sales of existing homes dropped 26.6 % from May 2019.
The silent generation, aged 74 to 94 years, made up the smallest share of buyers by age at 6% of all homebuyers in 2019, and represented 8% of sellers.
Housing market conditions improved in May, according to REALTORS® who responded to NAR’s May 2020 Realtors® Confidence Index (RCI) Survey, a survey of REALTORS® about their monthly transactions.
New unemployment claims continue to rise more slowly as some people return to work.
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