(TheRedWire.com) – Mainstream media is filled with stories of financial turmoil these days, so it’s easy to lose hope that things will ever be different. So, here’s a little “silver lining” to hold onto until things improve: the housing market hasn’t just survived but thrived.
— Billy Long (@auctnr1) July 23, 2020
The industry’s consistent performance throughout 2020 benefited both sellers and buyers alike. Those who wanted to divest themselves of a property they could no longer afford were largely able to do so rapidly, as the crisis pushed others to purchase for the first time.
Home sales in the Southern US were particularly noteworthy. In fact, statistics from the National Association of Realtors show that a whopping 47 percent of all sales came from this zone. Yet median pricing for the South also increased by nearly 16 percent at the same time, which means it wasn’t just fire sale pricing at play.
As for what this might mean in the coming year? It’s difficult to say just yet. The industry rebounded so quickly that staying afloat while others collapsed is an encouraging sign. But as with any other economic issue in 2020, there’s no way to predict fully how it might play out. Some analysts worry that intensifying lockdowns might make owners less likely to sell, while others cite the current affordability of loans as proof things will continue to improve.
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