Builder
Realtor.com was out Wednesday with a post-COVID-19 re-forecast for the 2020 housing market, and like the market it is attempting to fathom, the oulook is rocky.
Driven by pent up buyer demand and low interest rates, home sales in the U.S. will rebound in late summer and early fall as fears of the coronavirus begin to wane. Then they will drop again. The updated forecast finds that despite an uptick in transactions during the third quarter largely driven by millennials, home sales will be down 15% year-over-year.
The forecast also expects home prices to flatten nationally as demand shifts to the secondary markets, which offer buyers more affordability and space.
