Currently Reading

Reviewing a Hectic Year in Unprecedented Housing Data

Advertisement
Coronavirus Resources and Information

Reviewing a Hectic Year in Unprecedented Housing Data


December 24, 2020
Aerial of suburb
Photo: Jandrie Lombard

A review of this year’s housing data reflects a year nobody expected and how the residential housing market became a bright light amidst economic downturns. Low mortgage rates, first-time buyers, changes in buyer preferences, remote work, supply shortages—the list could go on, but these were the major factors that boosted the industry. According to Zillow, one in five homes sold above list price in September, houses lasted on the market for an average of 12 days in October, and November home values exceeded the previous quarter’s. Starting in June, inventory declined bit by bit every week, with last week’s inventory dropping 34.3% below 2019 levels.

Rents never fell across the U.S. but year over year growth fell to just 0.7% in October, the lowest annual growth seen since the Zillow Observed Rent Index began in 2015. Typical rents in November were just $4 higher than those in January.

Unlike the mortgage crisis and financial collapse in the Great Recession that sent home values plummeting, this booming market is built on responsible, stable loans and a blend of strong housing market fundamentals. In response to these forces, rising prices drove the largest gains in home equity since 2014, offering owners additional protection against future downturns. 

Read More

 

Related Stories

NAHB

You Have PPP Questions, NAHB Has Your Answers

The newly released and expanded Paycheck Protection Program opened to new and certain existing borrowers last week, and the National Association…

Coronavirus Resources and Information

Biden's Stimulus Plan Includes Eviction Moratorium Extension

President-elect Joe Biden’s $1.9 trillion stimulus plan includes an extension of the national eviction moratorium until September. Tens of…

Multifamily

New York City Renters Face $1 Billion in Unpaid Rent

A recent survey found New York City renters owe $1 billion in unpaid rent, but the survey only accounts for roughly half of the total rentals,…

Advertisement
Advertisement

More in Category




Advertisement
Advertisement

Create an account

By creating an account, you agree to Pro Builder's terms of service and privacy policy.


Daily Feed Newsletter

Get Pro Builder in your inbox

Each day, Pro Builder's editors assemble the latest breaking industry news, hottest trends, and most relevant research, delivered to your inbox.

Save the stories you care about

Lorem ipsum dolor sit amet lorem ipsum dolor sit amet lorem ipsum dolor sit amet.

The bookmark icon allows you to save any story to your account to read it later
Tap it once to save, and tap it again to unsave

It looks like you’re using an ad-blocker!

Pro Builder is an advertisting supported site and we noticed you have ad-blocking enabled in your browser. There are two ways you can keep reading:

Disable your ad-blocker
Disable now
Subscribe to Pro Builder
Subscribe
Already a member? Sign in
Become a Member

Subscribe to Pro Builder for unlimited access

Lorem ipsum dolor sit amet, consectetur adipisicing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua.