Higher home prices and continued consumer demand have driven the housing market to a notable turnaround in 2020. In the month of May, prices rose 1% month-over-month accompanied by a 3.4% increase on a year-over-year basis. Despite the impacts of COVID-19, some of the most drastic setbacks in pricing that occurred in April have been recouped, as indicated by the steady month-over-month increase.
The latest insights from Black Knight suggest a strong recovery unfolding in the housing industry. This is largely brought on by consumers’ increased ability to buy. Fast-rising consumer confidence and declining mortgage rates have put buyers in the driver’s seat this summer, and these trends look to continue in the home-buying months ahead.
Bullet Pointed Summary:
– Home prices are rising across the country
– After slowing for over a year, prices rose by 1% month-over-month and 3.4% year-over-year in May
– Insights from Black Knight suggest a strong recovery occurring in the housing industry
– Consumer confidence is increasing and mortgage rates are falling, giving buyers an edge in the market
– These favorable conditions are likely to continue in the coming months of home-buying
You can read this full article at: https://www.housingwire.com/articles/home-prices-hit-new-peaks-in-30-of-the-50-largest-us-markets-black-knight/(subscription required)
Note Servicing Center provides professional, fully compliant loan servicing for private mortgage investors so they can avoid the aggravation of servicing their own loans and just relax and get paid. Contact us today for more information.