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Housing Market Snapshot

Posted by GO Mortgage Team on 7/10/20 12:43 PM
GO Mortgage Team

Although May’s employment growth of 2.5 million jobs, pushing unemployment to 13.3% from 14.7%, was good news, there’s a ways to go to for a full recovery. However, the housing market is rebounding surprisingly well.

 

Check out some encouraging statistics for the housing market

  • 5 point increase in Home Purchase Sentiment Index (HPSI) Survey April-May
  • 52% of people who think it’s a good time to buy a home according to HPSI
  • 32% of people who think it’s a good time to sell a home according to HPSI

 

There is still a tight market supply for homes helping to create the demand

  • 8% decrease in pending home sales March to April
  • 8% year over year decrease in pending home sales as of April
  • 9% decrease in existing home sales March to April
  • 2% year over year decrease in existing home sales

 

 

forecast housing price

 

Sellers are seeing positive news as well

  • 27 is the average number of days on the market
  • -2 change in average number of days on market from March
  • 2.5 is the average number of offers that sellers received
  • 22% of sellers offered incentives
  • +2% change in percentage of sellers who offered incentive from March

Find out more by talking with GO Mortgage today. 

 

Source: National Association of Realtors®, CoreLogic, Mortgage Bankers Association, Freddie Mac, Altisource

 

Topics: homebuyers, mortgage market, buying and selling a house, housing data, housing market, COVID-19, coronavirus

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