Real estate activity is nearly at the halfway mark to a full recovery, and tech hubs are leading the national economic recharge, according to Realtor.com. Eight cities have passed the January benchmark to full recovery, including big-hitters such as Denver, San Francisco, Seattle, and Boston. Though these cities also experienced significant job loss, economists point to the job-growth before the pandemic as the momentum needed to help the local economies power through recovery and spark housing demand. See how the country is recovering in these tech-heavy cities and beyond.
The realtor.com Housing Market Recovery Index for the week ending June 13 reached 90.0 nationwide, up 1.2 points over the prior week and 10.0 points below the January trend baseline. The slight increase in this week’s overall index represents a 6.9 points increase over the 83.1 trough reached the week ending May 2.
Nationally, this means real estate activity is inching closer to January trends and nearly half way through the path to a full recovery. As the market heads into the summer, two of the four recovery index components, ‘housing demand’ and ‘home prices’, remain above their January baseline. However, the other two components, ‘new supply’ and ‘pace of sales’, remain visibly below January baselines, with both measures avoiding decreases but failing to see significant jumps over last week.