Currently Reading

Why Are Some Housing Markets Recovering Quicker Than Others?

Advertisement

Why Are Some Housing Markets Recovering Quicker Than Others?


June 1, 2020
For sale sign
By Andy Dean

Amid some of the darkest days in recent American history, the housing market is quietly recovering. Mortgage applications are increasing as people gear up to buy homes after a near freeze on buying in the early stages of the pandemic. But not all cities are recovering at the same pace: Forbes reports that lockdowns, number of COVID-19 infections, and the health of the job market before and during the pandemic are all factors in the rebound’s speed and strength. Some cities, such as Seattle, had strong enough economies to shoulder through large coronavirus outbreaks. See how cities near you have fared. 

As mortgage applications, price appreciation and slowly growing new listings indicate that the national real estate industry is finally mending from the coronavirus, some housing markets are charting faster and stronger recoveries than others.

The reasons why some cities are bouncing back quicker boil down to robust local economies, less severe coronavirus-prompted lockdowns and, in some cases, low numbers of COVID-19 infections.

“A lot of markets across the country [suffered],” says Taylor Marr, lead economist at real estate brokerage Redfin RDFN. “We saw about 50% drop on the sell side and about a 50% drop in homes going under contract. That was pretty true for the most part in most places around Easter.

“The difference has been the road to recovery. Some places have had a sharper rebound. There’re also a few markets that weren't hit as hard initially.”

Read More
 

Related Stories

Market Data + Trends

Case-Shiller: September Home Prices Break 6-Year High

Realtor.com warns that prospective homebuyers may not find a better deal in the future as home prices continue their climb. According to the S…

Economics

As Mortgage Rates Lower, Millions of Americans Can Save Big

With mortgage rates down to a new low, a record 19.4 million Americans could save hundreds per month. The average interest rate for Freddie Mac’s…

Market Data + Trends

Mortgage Demand Increases for First Time This Month

After a brief pause for the presidential election, mortgage applications are now back to booming. For the week, mortgage applications to purchase…

Advertisement

More in Category




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.