Surprising Housing Market Trend

Surprising Housing Market Trend

( – 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.

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!

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