What’s new on the horizon for the housing market? Read on for the latest updates!
- The average homeowner gained $17,000 in equity in just the last year alone. (CoreLogic)
- According to Zillow, in total, 5.64 million homes were sold in 2020, up 5.6% from 2019.
- ESR Group expects home sales to rise 3.8 percent in 2021.
- The median listing prices grew at 14.4 percent over last year, notching 24 consecutive weeks of double-digit price growth. With demand still high and supply still limited, this path seems unlikely to change in the coming months. 2021 real estate market is predicted to remain sizzling hot affecting housing affordability.
- Zillow Economic Research predicts that home values will increase by 3.6% in the next three months. Another forecast of theirs is that annual home value growth will rise as high as 13.5% by mid-2021 and for home values to end 2021 up 10.5% from their current levels.
- The inventory of newly listed properties declined by 0.8% nationally and grew by 7.6% for large metros over the past year.
- “Total housing inventory at the end of December totaled 1.07 million units, down 16.4% from November and down 23% from one year ago (1.39 million). Unsold inventory sits at an all-time low 1.9-month supply at the current sales pace, down from 2.3 months in November and down from the 3.0-month figure recorded in December 2019. NAR first began tracking the single-family home supply in 1982.” -National Association of Realtors (NAR)
- “To their credit, homebuilders and construction companies have increased efforts to build, with housing starts hitting an annual rate of near 1.7 million in December, with more focus on single-family homes…However, it will take vigorous new home construction in 2021 and in 2022 to adequately furnish the market to properly meet the demand.” -Lawrence Yun, Chief Economist at NAR