Optimism abounds as economy reopens
As states begin to lift restrictions and reopen their economies‚ industry professionals are cautiously optimistic about the housing market’s ability to bounce back this summer. Count National Association of REALTORS® Chief Economist Lawrence Yun among them.1
- At the 2020 REALTORS® Legislative Meetings on May 13‚ Yun pointed out that residential investment‚ which includes home building‚ home sales‚ and remodeling‚ was up 21% in the first quarter—a sign of the robust market that existed before the pandemic.
- As the pandemic spread‚ personal savings jumped by 152%. “Are they waiting for the economy to reopen?” Yun asked. “Or does it imply pessimism? There is certainly more money available.”
- Amidst steep declines in spending‚ there was a 10.4% increase in the amount devoted to building materials and gardening. Said Yun: “People are remodeling‚ working on lawn care. All things you do to sell a home.”
It’s possible that this year’s spring selling season was simply delayed until summer. I am always here if you have questions.