The US housing market faced an uncertain winter season. With several negative forecasts, market watchers were uncertain if the market would take a downturn due to coronavirus pandemic related economic uncertainties and weak consumer spending. However, according to the latest case-Shiller index, the housing market has recovered this spring.
This is excellent news for both buyers and sellers. Although home prices have steadily increased over the past several years, making it increasingly difficult for buyers to purchase a home, this spring many buyers are finding there is less competition. As fewer buyers are shopping, it is easier for those who are looking to find a home. On the flip side, the decreased competition among buyers is causing inventory to shrink, which could result in higher home prices.
Overall, the housing market has managed to stay afloat despite the challenging winter season. This is largely due to the low interest rates, which incentivize buying and thus create a more active market. This spring is providing great opportunities for buyers and sellers.
Main Points:
– US housing market faced uncertain winter season with several negative forecasts
– However, the latest case-Shiller index is showing the market is regaining its footing
– Low interest rates are a key factor in incentivizing buying and thus keeping the market active
– Benefits to buyers include less competition and to sellers shrinking inventory which may result in higher home prices
You can read this full article at: https://www.housingwire.com/articles/home-prices-continued-to-accelerate-in-april-case-shiller/(subscription required)
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