U.S. Real Estate Market Overview:
National Housing Trends and Insights
As the U.S. economy attempts to claw its way back from a debilitating recession, the housing sector is running laps. In the third quarter, typically a cooldown period for the market, home sales flourished unbound from the spring’s lockdown measures as remote work, urban flight, and potential cost savings spurred more purchases.
While the health crisis rages on, safety fears among sellers and rising material costs for builders have exacerbated an ongoing listings shortage. Meanwhile, sub-3% mortgage rates and the strong allure of roomy suburban homes are fueling an insatiable appetite for a severely depleted housing stock, causing property values to reach new heights.
Looking at the remainder of the year and ahead to 2021, the market shows no signs of cooling. Forbearance plans have prevented foreclosures from creating a supply glut, while modest improvements in the jobs market will help homeowners get back on track with their mortgages independently. An astounding shortage of available homes may be the only shackle inhibiting further gains in sales. And in that case, it’s time to build more houses.