COVID-19 Housing Market Update

Source: YouTube Channel, 05.21.21

This week, Senior Economist George Ratiu talks about the gains in the economy as states are loosening or removing pandemic restrictions, including the decline in initial jobless claims to the lowest point since March 14, 2020. He also talks about real estate markets which are struggling with a massive wave of demand meeting an evaporating supply of homes, causing eye-popping prices George covers the slowdown in new construction and decline in existing home sales, which are coming as building costs have skyrocketed and home prices reached record highs. He also talks about the movement in mortgage rates. George also mentions the newest data from (published by Chief Economist Danielle Hale) showing that May listings remain low, which keeps upward pressure on prices. He also talks about the latest survey results which show that sellers are returning to the market, and are ready to move from the pandemic’s restrictions and take advantage of current market conditions. He wraps up with the latest rental report (authored by Nicolas Bedo), showing that markets across the country are returning toward the pre-COVID landscape, with rents posting the largest year-over-year growth since March 2020.

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