May 2020 Housing Recap: Rising From The Ashes?
The last of May’s housing data was released on Monday. The pandemic has fueled a turbulent spring across industries and the housing sector has not been immune to the fallout. However, early indicators for June may give investors cause for optimism. Get caught up on the state of the market and the outlook for the future on the New Western blog.
LendingHome Survey: Real Estate Investors Optimistic Despite COVID-19
A majority of U.S. real estate investors who participated in a recent survey have an optimistic outlook about the strength of their business and the industry despite COVID-19. 80% thought the impact of COVID-19 on their business would be short-lived and more than half are feeling positive about their business and the real estate industry as a whole.
A Record 27% of Homebuyers Are Looking to Relocate
“People are starting to take the plunge and move away from big, expensive cities,” according to Redfin economist Taylor Marr. “The pandemic and the work-from-home opportunities that come with it is accelerating migration patterns that were already in place toward relatively affordable parts of the country.” Check out the article for the 10 most popular destinations according to an analysis of more than 1 million Redfin.com users.
Annual Home Prices Remained Steady In April
On Tuesday, the latest results for the S&P CoreLogic Case-Shiller Indices were released. “April’s housing price data continue to be remarkably stable,” says Craig J. Lazzara, Managing Director and Global Head of Index Investment Strategy at S&P Dow Jones Indices. “April’s year-over-year gains were ahead of March’s, continuing a trend of gently accelerating home prices that began last fall.”
U.S. Consumer Confidence For June Jumps More Than Expected
“The re-opening of the economy and relative improvement in unemployment claims helped improve consumers’ assessment of current conditions,” said Lynn Franco, senior director of economic indicators at The Conference Board. The consumer confidence index rose to 98.1 for the month, beating the expected rise to 91. However, Franco cautioned that due to current uncertainty, it’s still “too soon to say that consumers have turned the corner and are ready to begin spending at pre-pandemic levels.”