(AmericanProsperity.com) – The COVID-19 pandemic affects each industry in a different way. With the enforced lockdowns and social distancing practices, home sales fell drastically over the past three months. However, a recent report by the National Association of Realtors gives hope for the housing market’s recovery and may hint at a new trend.
From May to June, total existing-home sales went up by 20.7%. Buyers who’ve been searching for homes during the shutdown and those looking to snag incredibly low mortgage rates helped to boost the sales.
Existing-home sales are showing strong signs of a market turnaround after three straight months of sales declines caused by the ongoing pandemic. https://t.co/ehVZnuIcS8
— National Association of REALTORS® (@nardotrealtor) July 22, 2020
While the housing market booms back, another unique trend is beginning to show. Many city-dwellers are considering moving to the suburbs as the cramped, quarantine life doesn’t sound appealing anymore.
San Francisco’s housing market currently overflows. It’s a buyers market. Nearly 50% more single-family homes are on the market now than the same time last year in the California city. Also, there are 150% more homes with reduced prices listed on the multiple listing service sites.
As restrictions in cities become less appealing in the coming months, America may continue to see city-dwellers fleeing to the suburbs for a bit of fresh air. As they make their way out, perhaps officials will understand more about the freedoms and prosperity Americans want to protect.
~Here’s to Your Prosperity!
Copyright 2020, AmericanProsperity.com