2021 Color Forecasts Are In
As people continue to place more importance on their home as a safe space to retreat from the pandemic, it’s no surprise trending colors draw on natural palettes to create a calm and soothing environment. Check out the New Western blog for a look at the 2021 color trends from Sherwin Willaims, Behr, and Benjamin Moore.
Existing Home Sales Blow Past Expectations in September
September brought more good news for flippers. Existing home sales “vaulted 20.9% on a year-on-year basis,” according to Reuters. Only 1.47 million previously owned homes were on the market in September, the fewest since the NAR started tracking the series in 1982. As a result, the median existing house price soared to 14.8% from a year ago.
Profit Margins Hit New Highs Despite Pandemic
“Both the raw-profit and return-on-investment figures stood at the highest points since the U.S. economy began recovering from the Great Recession in 2012,” according to the ATTOM Data Solutions Q3 2020 U.S. Home Sales Report. In fact, 77 percent of metros posted double-digit annual home price gains. Check out the article for specific market data and median home-sale profit figures.
Serious Delinquencies Improved For The First Time Since Start Of Pandemic
The number of mortgages delinquent for 90+ days fell by 43,000 in September, marking the first such improvement in serious delinquencies since the start of the pandemic. Black Knight also reports “early-stage delinquencies continue to show strong improvement, with rolls from current to 30-days delinquent, as well as the number of borrowers less than 90 days delinquent, having returned to pre-pandemic levels.”
Lumber Prices Trending Downward from Mid-September Peak
Since mid-April, lumber prices have soared nearly 120%. However, The National Association of Home Builders reports its ongoing efforts appear to be bearing fruit. After peaking in mid-September, lumber prices are on a slow, downward trajectory, now down roughly 20% since mid-September. Read on to learn more about the NAHB’s efforts in Washington to address soaring lumber prices and supply shortages.
VIDEO: Redfin CEO Expects “Absolutely Insane Demand” To Last Into 2021
Redfin CEO Glenn Kelman told CNBC he anticipates the coronavirus pandemic-driven boom in the housing market will persist into next year. “There are so many people now who have decided they’re not going to be able to buy a home by year-end, who expect to do so going into 2021,” he explained. Watch the full interview for more discussion about the current (and future) demand.