Currently Reading

A Snapshot of the Housing Industry Before COVID-19, According to Redfin

Advertisement

A Snapshot of the Housing Industry Before COVID-19, According to Redfin


March 20, 2020
Sold sign home
By Rawf8

Stronger than ever, the U.S. housing market was full-speed ahead going into what was forecasted to be a spring buying bonanza. Home-sale prices increased 6.6 percent year-over-year according to Redfin, construction was up, and low interest rates were poised to entice new homebuyers into the housing market.  But then the coronavirus hit the United States, and American life changed in the span of weeks. The housing market slowdown is especially hard for the industry because before this, builders were feeling confident as the market finally picked up after a rocky decade post-Great Recession. But experts at Redfin say that looking back at the start of 2020 might remind the industry where the housing market may return to once the pandemic passes. 

During the month prior to the U.S. coronavirus crisis, U.S. home-sale prices increased 6.6% year over year. In February, the nationwide home price median rose to $293,700 and home prices were up 2.8% month over month on a seasonally-adjusted basis. While the U.S. economy and housing market is currently in great flux as a result of the COVID-19 pandemic, it’s important to look back at the February data to see how robust the market was heading into this crisis and to understand what we might return to when things—eventually—get back to “normal.”

Please note: In order to more accurately represent the national housing market trends and remove potential bias in the data due to Redfin’s market coverage, we made some changes to how we weight different regions and which counties we use as a representative sample for our national housing data methodology that is being rolled out with this report. The tables and historical charts in this post all reflect this new methodology and are therefore not comparable to our previous Market Tracker reports. You can read more details about our methodology change in this post.

Read More

 

Related Stories

Design

Living Now: America at Home Study Concept Home

Designed and built based on extensive consumer research, Barnaby delivers the goods for single-family post-pandemic living

Coronavirus Resources and Information

Colorado Contractors Sue Denver Over Vaccine Mandate

The mandate effectively requires companies to fire hard-to-replace workers who aren't vaccinated. "If we lose any workers due to these vaccine mandates, there's nobody to replace them," says Tony Milo of the Colorado Contractors Association.

Coronavirus Resources and Information

Court Rules PPP Loans to Builders Can Be Forgiven

The judge agreed with NAHB’s position that the plain language of the statute creating the PPP prevented SBA from applying eligibility regulations that sought to exclude NAHB members.

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.