September 2020 Market Update
The big question is, what's going on in the real estate market? Well, first off, let me just start off by saying that I am just reporting what analysts and real estate experts across the nation are predicting and stating. I personally, nor anyone else can actually control or predict what’s actually going to happen. But according to Goldman Sachs, JP Morgan, Wells Fargo, Bank of America, and several other analysts, they are predicting economic growth in the third quarter, ranging from 15 to 25%. A graph statistic from Opportunity Insights shows that most businesses ranging from healthcare to transportation all had a decline in consumer spending in the first half of the year with the exception of groceries, which actually went up. So, it’s good news that the predictions from the analysts is that we are going to see progress in the third quarter as compared to the first half of the year.
Small businesses obviously have been impacted due to the stresses and issues that are happening across the globe. But how has this impacted the real estate market nationally? I’m going to show you a few quotes from several economists and real estate analysts regarding the recovery of the housing market. And it’s very interesting. Realtor.com, “Astonishing rebound.” Housing Wire, “Shockingly strong.” Attom Data Solutions, “Pulled something of a high wired act in the second quarter.” Zillow, “Stared the pandemic right in the eye and hasn’t blinked.” Meyers Research, “Has been nothing short of remarkable.” So it seems that housing may play a critical role in the recovery.
Since about the middle of May, people are out in full force. They’re looking at homes across the nation. People are actually looking now more than they have throughout the entire year. According to the National Association of Realtors, The Housing Market Index looks at four things, demand, supply, price and time on market. Combining those together creates an index. And we saw that index rise and then it dipped down and now we are actually above what we were in February of this year. So it shows that we are recovering strong.
So there you have it! I hope you found this information helpful and if there's anything at I can do to help you, please reach out.
