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After an unprecedented first half of 2020, what could the next six months bring? Are we looking at a V- or W-shaped recovery? Which housing indicators will trend up, and which will shift downward? Will homebuying demand stay hot and where are prices headed? See what five housing economists and experts anticipate in the months ahead.
“We are entering Act 4 in 2020 for housing, and it’s time to let go of this crash thesis. The reality is this: it wasn’t going to happen in 2020 even with a pandemic virus,” wrote Logan Mohtashami, housing data analyst for HousingWire.
Mohtashami argues that for housing, demographics and mortgage rates call the show. Read on for his analysis of the latest data and more on the reasons why he doesn’t think a crash is in the cards for 2020.
ATTOM Data Solutions released its Q2 2020 Special Report spotlighting county-level housing markets around the United States that are more or less vulnerable to the impact of the Coronavirus pandemic.
The counties with the least risk were in Colorado, Oregon, Texas and Wisconsin, the largest of which included Harris County (Houston), TX; Dallas, Tarrant and Collin counties, all in the Dallas-Fort Worth metro area, and Travis County (Austin), TX.
The Fannie Mae Home Purchase Sentiment Index (HPSI) grew another 9.0 points in June. Although down compared to the same time last year, the reading represents a significant rebound from the record low just two months prior.
“The share of renters who say it’s a good time to buy a home is now at its highest level in five years, suggesting favorable conditions for first-time homebuying.” said Doug Duncan, Senior Vice President and Chief Economist. Read on to find out who else is primed to buy.
Single-family homes were most likely to be part of a bidding war in June, with 56.2% of Redfin offers facing competition. “Bidding wars continue to be fueled by historically low mortgage rates and fewer homes up for sale than almost any time in the last two decades,” said Redfin economist Taylor Marr. “It’s like a game of musical chairs where only the best bidders get a seat.”
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