Mid-Year Market Update - Positive Signs for Real Estate
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With all that 2020 has thrown at us, it is hard to believe that we are already nearly halfway through the year. As states begin to reopen in a corona-virus world, and people begin to feel somewhat safer to return to "normal," the housing market is changing too. Of course, the pandemic has greatly affected the housing buying market as states quarantined in April, and according to the National Association of Realtors ' (NAR) Pending Home Sales Index, contract signings fell 21 percent in April. This will likely lead to a significant decrease to closed sales in May, said Lawrence Yun, NAR's Chief Economist. However, experts are seeing some positive trends, and have a more positive outlook for the summer. Forbes reported that Realtor.com's weekly housing report has several highlights for the market including only a 20 percent decrease in new listings May 23, as opposed to a 28 percent decrease the week prior. Median listing prices have also "regained mome