Despite a recent drop in retail sales, softer business spending and a slowdown in job growth, the housing market keeps humming along. Vancouver’s stats and outlook are very similar to Toronto’s housing market report where strong demand and migration trends occurred. It is the Melbourne housing market that fared worst with another decline in August of 1.2%. The report primarily draws on publicly available datasets. The California housing market took a breather in October as home sales and price gains declined as compared to the previous month but still recorded double-digit increases from a year ago.Despite a minor decline in the off-season, the consistent V-shaped recovery points to the housing strength for several more months. Buyers must reserve properties by December 15 on the current equity loan scheme. Some in the real estate industry note similarities, like sale prices, in the current housing market to … At the beginning of last year, the US housing market reached a 7/10, meaning it was expensive for the average buyer. The US housing market had a great year in 2020, and the circumstances ahead should make the forecast for year 2021 an amazing one.. With low inventory, delayed construction, latent buyers ready to pounce, and a cash rich buyer pool, a 20% year over year price growth rate by May isn’t outlandish. Whether you’re thinking of buying or selling a home this year, there are perks today that are rarely available, and definitely worth looking into. The Biggest Perk for Buyers: […] See more on the latest trends in California real estate. An NJ Housing Market Crash Is Unlikely. However, as mentioned before, real estate is very local as a result of wide differences among home prices, interest rates, and housing inventory that differ from state to state. Las Vegas Property Market Information Recommendations by the previous and the upcoming 36 months: buy or sell a home in Las Vegas? Pinpoint pricing is critical for a client who wants to buy or sell property. As of today, Toronto housing data shows median days on market for a home is 20 days. Kiwibank economists say the current performance of the housing market is 'not consistent' with an economy in the midst of the worst recession in 100 years . Housing … While some housing market predictions see New Jersey home values dropping from now through the beginning of 2021, it’s not by very much – 2.1% drop according to Zillow. Breaking news headlines about Housing Market (UK), linking to 1,000s of sources around the world, on NewsNow: the one-stop shop for breaking news Holly Baxter The weird world of house-hunting in the badlands of New York. The same trend is seen in the Okanagan, Calgary and Toronto. More from The Active Times: While this has got housing market bulls all charged up for a stronger 2020, one shouldn’t forget that a crisis could be just around the corner. That's good news for a US economy that may need housing … At the end of 2017, I published this post on why we should start worrying about the housing market again. The housing market will suffer. Here are the top two. That’s the general trend, although the context of the message has many permutations, says Shalom Lamm. Baton Rouge, Louisiana, is expected to see a housing market downturn of 2.3%, the worst in the nation, after the coronavirus pandemic. See the Phoenix (Arizona State, Maricopa County) property price forecasts, and buy/sell analysis based on the Housing Market and Property Investment report below. Checking the housing market forecast can give you an idea of what to expect if you buy or sell a house this year. We can measure housing affordability on a scale from 0 (most affordable) to 10 (least affordable) using the John Burns Affordability Index. New legislation, along with advancements in technology, cannot be overlooked. London housing market report. Current Toronto MLS® stats indicate an average house price of $995,612 and 5,368 new listings in the last 28 days. “The housing market has been exceptional in 2020, with demand soaring alongside low interest rates and a shift toward remote work for a good number of the labor force,” Yun said. Posted on November 9, 2020 November 9, 2020 Author Aaron Rudd Comment(0) Housing remains strong as 2020 closes and 2021 nears. We’ve been in an appreciating real estate cycle since 2010. Low supply and high demand mean that a housing market crash is very unlikely. 12th Nov 20, 10:13am. California's Housing Market Forecast. The Central Valley saw sales decline the least at 36.6% while So Cal saw sales plummet 45.6%. Independent Premium. From housing values to mortgage rates, all factors matter when it comes to finding the right home for a client’s budget and needs. Housing Market Update: Homebuying Picks Up After Election Week, Pending Sales Up 29% From 2019 November 20, 2020 The U.S. housing market continues to soften a bit in November, even though activity picked up in the week after the election. The coronavirus will simply accelerate the process in the same way we’ve seen it pull the rug out from under the stock market. Coronavirus is the pin that pops the housing market run. by David Hargreaves. 2. A drop in housing sales this year could plunge the market into crisis. Housing market heats up as mortgage approvals hit two year high. I'm updating this article as we enter 2021 and beyond. Coronavirus Impact on Housing Markets It's time to start worrying about the housing market again because it is completely overheated, with YoY median U.S. home price growth around 12% in 2020. Phoenix Property Market Information Recommendations by the previous and the upcoming 36 months: buy or sell a home in Phoenix? Home prices nationwide were up 14.2% year-over-year in October. Photographer: Bloomberg A U.S. housing crisis is coming and although it won't be anything like the last one, that won’t make it any less painful. The U.S. housing market has been on a dream run of late as prices are rising thanks to the scarcity of homes available for sale. Thankfully, the Pelican State is not already among the U.S. states with the highest bankruptcy rates. Housing Market Forecast 2021 The Corona Virus pandemic continues to suppress the Australian property market, yet there are signs of easing pointing a better forecast for 2021. Real estate continues to be called the ‘bright spot’ in the current economy, but there’s one thing that may hold the housing market back from achieving its full potential this year: the lack of … The quarterly London housing market report summarises key trends and patterns in London’s housing market. Vancouver Housing Market Update. Discover ten facts every real estate agent should know about the current housing market. Business News. Calgary however, saw its prices fall in July. The declining availability of properties for sale With the uncertainty around our current economic crisis and price growth slowing down, some folks are wondering about the future of the housing market and if it could collapse again. See the Las Vegas (Nevada State, Clark County) property price forecasts, and buy/sell analysis based on the Housing Market and Property Investment report below. Because the housing market crisis was so widespread, it remains vivid in the minds of many people as they prepare to buy a house, sell a house or invest in real estate. With that said, let’s take a closer look at how the market is doing. Home sales overall dropped 12.9% YTD, and 41.4% compared to 12 months ago. Understanding the current housing market is a basic first step in getting your first investment property. United States Housing Market. El Moussa said the real estate market was due for a timely correction. Sales and prices of homes in California took a decided downturn during May. The coronavirus outbreak hasn't made a serious dent in Americans' willingness to buy new homes or fix up their current houses. But don’t let it dictate your housing decisions—only your personal situation and finances should do that. Today’s housing market is making a truly impressive turnaround, and it’s also setting up some outstanding opportunities for buyers and sellers. The Current Statistics On The Housing Market 2020-2021. Or, at least the rate of decline in the property market is decreasing. Well, it’s impossible to know for sure, but economists suggest a housing crash is unlikely. The analysis covers house prices, rents, mortgage lending, repossessions and new supply. Mortgage rates, home prices, demand and supply: here is what five housing-market experts anticipate from the second half of 2020. At the same time, the number of homes sold rose 22.6% and the number of homes for sale fell 36.4%. From what we can see, the real estate market isn’t going to crash. Housing Market Recovery Index Highlights – Week Ending November 21. Many new things are in store for housing in 2020, for the property industry to keep up with sweeping market trends, it must initiate a revolution of its own. Another capital city will take a housing market hit heading into 2021. Home sales in the Greater Vancouver region grew strongly in July. Housing Market Forecast 2021. But, over 2019, the market returned to its average level of affordability.