top of page

The Surging Real Estate Market Continues to Climb

Yvonne Yang

Earlier this year, realtor.com announced the release of the Housing Recovery Index, a weekly guide showing how the pandemic has impacted the residential real estate market. The index leverages a weighted average of four key components of the housing industry by tracking each of the following:

  1. Housing Demand – Growth in online search activity

  2. Home Price – Growth in asking prices

  3. Housing Supply – Growth of new listings

  4. Pace of Sales – Difference in time-on-market

The index compares the current status “to the January 2020 market trend, as a baseline for pre-COVID market growth. The overall index is set to 100 in this baseline period. The higher a market’s index value, the higher its recovery and vice versa.”

The graph below charts the index by showing how the real estate market started out strong in early 2020, and then dropped dramatically at the beginning of March when the pandemic paused the economy. It also shows the strength of the recovery since the beginning of May.


Today, the index stands at its highest point all year, including the time prior to the economic shutdown.

The Momentum Is Still Building

Though there is some evidence that the overall economic recovery may be slowing, the housing market is still gaining momentum. Zillow tracks the number of homes that are put into contract on a weekly basis. Their latest report confirms that buyer demand is continuing to dramatically outpace this same time last year, and the percent increase over last year is growing.


Clearly, the housing market is not only outperforming the grim forecasts from earlier this year, but it is also eclipsing the actual success of last year.

Frank Martell, President and CEO of CoreLogic, explains it best:

“On an aggregated level, the housing economy remains rock solid despite the shock and awe of the pandemic.”

Comments


Stay in the Loop:
Join Our Newsletter for Exclusive Insights and Updates!

Thanks for subscribing!

WHAT'S UP?

2625 SKYFARM.png

Sold

2625 Skyfarm Dr, Hillsborough, CA 94010

4171 TOBIN CIR.png

Sold

4171 Tobin Cir,

Santa Clara, CA 95054

YvonneYang_MonogramOnly_Black.png

270 3rd St, Los Altos, CA 94022

Calbre# 01371905

Tel: ‪(650) 530-3162‬

Email: yvonne@yvonneyanghomes.com

© Copyright 2024 Yvonne Yang, All Rights Reserved

Wall Street Journal Logo.jpg
award 1.jpg
award 2.jpg
award 5.jpg
award 4.jpg
award 3.jpg
award 6.png
bottom of page