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)
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