Every economic downturn in history has slowed down the demand of buyers in the U.S. to move, but this downturn has been different — it has driven new buyer demand. Across the country, and for many different reasons, people are moving. Why? Just look at the trends across the market:
- Mortgage rates reached an all-time low in July: 2.98%.
- Mortgage applications are up significantly: +33% in the first week of July vs. a year ago.
- National home sale activity rebounded: Existing-home sales in June rebounded 20.7% month over month, highest monthly increase ever recorded.
- New single-family home sales soared to the highest rate in 13 years: rose 13.8% year over year.
- Home prices are at all-time highs: Median existing-home prices grew 2.8% to hit an all-time high.
- Homebuilder sentiment is at 72: The last time we had a yearly average as high as 72 was in 1999.
- And of course, after many months of social distancing, people have never been so intimately aware of the inadequacies of their home, leading more people to want to move.