As we transition from the spring market to the summer market, many of us are still wondering what the housing market will look like during the rest of 2020 and heading into 2021. While still it’s impossible to know how COVID-19 will change market conditions over time, realtor.com's Weekly Housing Recovery Report is showing some positive signs.
Not surprisingly, there’s been substantial growth in online home searches since the beginning of the pandemic, and asking prices have also surpassed pre-COVID levels too.
But according to economists at realtor.com, movement in supply is still expected to be well below seasonal levels.
Also noted is that cities and markets with a strong technology sector are better-equipped to weather the storm thanks to offering a higher level of job security and keeping demand for homes strong.
Here in Chicago, our housing market Recovery Index score jumped 6% compared to the precious week, but remained well-below the January 2020 baseline with a Recovery Index score of 87.3.