A Remarkable Recovery for the Housing Market
Dan May • July 21, 2020
A Remarkable Recovery for the Housing Market
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.
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.”
“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.”
"All-time low mortgage rates and easing job losses have boosted buyer confidence back to pre-pandemic levels."
"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 home, maybe this is your year to make a move after all.
Westside Sellers: Why Early Planning Matters More Than Early Listing For homeowners considering a sale this year, February is less about listing immediately—and more about strategic positioning . Sellers who start planning early often benefit from a clear pricing and marketing road map—learn more about our Seller services on the Westside . On the Westside of Los Angeles, homes that perform best in spring are rarely last-minute decisions. They’re the result of thoughtful planning that begins weeks—or even months—earlier.
What Beverlywood Home Sales Show Over Time Each January, I step back and look at what actually happened in our local real estate market — not forecasts or headlines, but real, closed sales. Over more than a decade of reviewing this data, one pattern has stood out: the number of homes sold each year remains relatively consistent, while prices steadily rise. This January snapshot looks first at Beverlywood as a whole, then drills down into three key sub-markets where I have long-standing experience and market share: Beverlywood HOA, Castle Heights, and Reynier Village. All data referenced in the final version of this report are based on single-family home sales reported in the Combined LA/Westside MLS, using consistent boundaries year over year.
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