A Remarkable Recovery for the Housing Market

July 22, 2020 by DRG

For months now the vast majority of Americans have been asking the same question: When will the economy turn around? Many experts have been saying the housing market will lead the way to a recovery, and today we’re seeing signs of that coming to light. With record-low mortgage rates driving high demand from potential buyers, homes are being purchased at an accelerating pace, and it’s keeping the housing market and the economy moving. In Minneapolis, while we may have low inventory that has not stop buyers from purchasing and pushing our economy in the right direction.

Here’s a look at what a few of the experts have to say about today’s astonishing recovery. In more than one instance, it’s being noted as truly remarkable.

Ali Wolf, Chief Economist, Meyers Research
“The housing recovery has been nothing short of remarkable…The expectation was that housing would be crushed. It was—for about two months—and then it came roaring back.”

Fannie Mae
“Recent home purchase measures have continued to show remarkable strength, leading us to revise upward our home sales forecast, particularly over the third quarter. Similarly, we bumped up our expectations for home price growth and purchase mortgage originations.”

Javier Vivas, Director of Economic Research for realtor.com
“All-time low mortgage rates and easing job losses have boosted buyer confidence back to pre-pandemic levels.”

James Knightley, Chief International Economist, ING
“At face value this is remarkable given the scale of joblessness in the economy and the ongoing uncertainty relating to the path of Covid-19…The outlook for housing transactions, construction activity and employment in the sector is looking much better than what looked possible just a couple of months ago.”

Bottom Line
The strength of the housing market is a bright spark in the economy and leading the way to what is truly being called a remarkable recovery throughout this country. If you’re thinking of buying or selling a condo or loft in Minneapolis, now is a great time to connect with one of our Urban Realtors. They will move as fast or slow as you like to make sure you are making the right decision for you!

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