Even after the pandemic scraped most of the spring homebuying season, the housing market is now going strong, and some cities are really knocking it out of the park. Forbes reports that the housing markets in Denver and Las Vegas have bounced back the most according to Realtor.com data. Home prices are returning to their pre-pandemic levels as housing demand soars due to low interest rates and pent-up demand. But not all housing markets are faring as well as the top 10. Find out if your city is making a comeback or is still frozen by the economic downturn.
If two months of rising mortgage applications weren’t indication enough, a new report is: the housing market is well on its way to recovering from the recent slump caused by the COVID-19 pandemic.
According to the Market Recovery Index from Realtor.com, both housing demand and home prices are above January’s pre-COVID levels, and housing supply and overall sales “are now following a recovery trajectory,” according to the report.
Nationally, demand for housing is above baseline levels, and recent data from the Mortgage Bankers Association proves as much. Last week, applications for purchase loans were up 13% over the year and 15% over the week. It was the eighth straight week that applications jumped.