What’s Forecasted for the Rest of the Year?
One of the biggest questions on everyone’s minds these days is: What’s going to happen to the housing market for the rest of the year?
Based on recent data on the economy, unemployment, real estate, and more, many economists are revising their forecasts for the remainder of 2020 – and the outlook is extremely encouraging. Here’s a look at what some experts have to say about key areas that will power the industry and the economy forward this year.
Frank Martell, President and CEO, CoreLogic:
“Home price appreciation continues at a solid pace reflecting fundamental strength in demand drivers and limited for-sale inventory…As we move forward, we expect these price increases to moderate over the next twelve months. Given the economic outlook, housing remains a bright spot for the foreseeable future.”
“Homebuyer demand remains strong, especially for those in search of an entry-level home where the improvement in affordability via lower mortgage rates has a material impact.”
“This year has been anything but normal and as the uncertainty lingers, mortgage rates remain near record lows…These rates continue to incentivize potential buyers and the home buying season, which shifted from spring to summer, will likely continue into the fall.”
Mike Fratantoni, Chief Economist, Mortgage Bankers Association (MBA):
“Lack of inventory is going to continue to be a hurdle by limiting some prospective buyers’ choices and weakening their purchasing power…If supply meaningfully picks up in the months ahead, the demand will be there for more sales.“
Robert Dietz, Chief Economist and Senior VP for Economics and Housing Policy, National Association of Home Builders (NAHB):
“The gains for new home sales are consistent with the NAHB/Wells Fargo HMI, which returned to pre-recession highs and demonstrates that housing will be a leading sector in an emerging economic recovery.”
The experts are optimistic about the rest of 2020. If you paused your real estate plans earlier this year, let’s connect today to determine how you can re-engage in the process.