Realtor.com’s 2020 Housing Market Predictions – Coronavirus Update
The economists at Realtor.com recently revised their 2020 Housing Market Predictions to take the Coronavirus Pandemic into account. They issued their update in in Mid-May as a way to gauge the “ups and downs” of the housing markets as it finds its footing in response to the Coronavirus. Among their predictions;
- Home price growth will flatten, with a forecasted increase of 1.1%
- Inventory will remain low, but the rate of decline steadies and the mix of homes for sale shifts toward greater availability of lower-priced homes
- Mortgage rates remain low and may slide under 3% by the end of the year
- Home sales are constrained by low inventory and diminished seller and buyer confidence as the effects of COVID linger in the labor market
- Buyers seeking affordability and space drive interest in the suburbs
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