Housing Market Reaches Initial Point of Recovery Post COVID-19
Since the pandemic started to take its toll, one of the first economic activities that went south wards was the realty business. Month of March saw the buyers firmly locked up in their homes, scared to move out and stopped showing an interest in purchasing new houses. Homeowners also quarantined themselves, as others, and were too scared to show a serious intent to the put their homes on the block because in these times of lockdowns and social distancing, showings became too risky.
Realtor.com Housing Market Recovery Index showed great recovery in the week ending on July 18, it increased 2.5 points from the last week to reach 101.0 points nationally and is the highest ever growth since March.
The most interesting part is how this growth has taken place over the period of 4 months. It all started from the month of May when demand from the buyers started growing which was followed by the recovery in the prices of the houses in the first week of June. This month, speed of house sales has reached to the level of Pre-Covid period.
The only vital parameter that has not shown growth is the supply of the houses. Inventory remains an issue. Homeowners still seem to have not made up their mind and flurry of new construction activities has not started in a big way. But this is going to change soon and in next few weeks or months, we will see new homes coming into the market and buyers making a beeline for them.
American Made Home Solutions is leaving no stone unturned to be a leading player in this upcoming growth story, helping all their clients to realize their dream of purchasing their dream home and assisting sellers to get the best price for their homes.