Housing Market is Strong!
The residential real estate market is remaining resilient as the country still struggles to beat the COVID-19 pandemic. Three separate reports recently revealed how the housing market is still showing growth. Here's a look at each one.
1. Ivy Zelman's Real Estate Broker Survey
The survey explains that purchaser demand remains strong:
2. The National Association of Home Builders Housing Market Index
The index reveals that builder confidence has returned to levels last seen prior to the pandemic:
This index leverages a weighted average of four key components of the housing industry, tracking each of the following:
It then compares the current status to the last week of January 2020 market trend, as a baseline for pre-COVID market growth. The overall index is set to 100 in this baseline period. The higher a market's index value, the higher its recovery and vice versa.
The latest results came in at 101, with realtor.com explaining:
Real estate brokers, home builders, and industry data all agree that the housing market has surged back to pre-COVID levels, showing growth, strength, and incredible resilience.