Currently Reading

Summer Homebuying Season Defies Odds As Prices, Competition Heat Up

Advertisement

Summer Homebuying Season Defies Odds As Prices, Competition Heat Up


June 12, 2020
family coming into new home
By Monkey Business

The summer homebuying season is heating up as demand skyrockets and home prices soar despite a global pandemic, a recession, and nationwide protests. Realtor.com reports that the median home prices rose 4.3 percent year over year. Low inventory and growing demand are keeping the prices high despite the economic downturn due to state shutdowns. Though the growth in the median home price is still below projected levels, economists say it is back at pre-pandemic levels. Cue an industry-wide sigh of relief. Still, many Americans are unemployed, have had their savings wiped out, or both. It will be a long road to recovery, but at least the housing market does not seem to be adding additional weight to the country’s baggage. 

An official recession, a deadly pandemic, and a national reckoning on racism aren't blunting the housing market's rebound.

As the summer home-buying season gets underway, median home prices are surging. They shot up 4.3% year over year as the number of homes for sale continued to dry up in the week ending June 6, according to a recent realtor.com® report. That's correct: Prices are going up despite this week's announcement that the U.S. officially entered a recession in February.

While that's below the typical 5% to 6% annual price appreciation this time of year, it's nearly back to what it was before the coronavirus pandemic. Median prices were rising 4.5% in the first two weeks of March before the COVID-19 lockdowns began. Nationally, the median home list price was $330,000 in May, according to the most recent realtor.com data.

Read More
 

Related Stories

Sales + Marketing

Why (and How) to Right-Size Your Online Sales Program

How builders can meet the expectations of today’s prospects and tomorrow’s new-home buyers
 

Market Data + Trends

What to Expect From 2021's Housing Market

After a year of many broken records, there remains much uncertainty about the 2021 housing market. Realtor.com says prospective homebuyers will…

Sales

This Flat-Fee Brokerage Wants to Disrupt Denver’s Real Estate Market

Utah-based real estate brokerage, Homie, promises to have your back as a homie should. The company calls itself “disruptive” and wants to use…

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.