Though home prices had slowed down in recent months , it appears that trend has ended. Realtor.com shows prices up 4.3% in the last week, up from a 3.7% growth rate in January.
According to Danielle Hale, chief economist at Realtor.com, prices could go even higher if more supply doesn’t hit the market soon. It’s one area that’s recovering—just not at as fast a clip as other indicators. New listings are down 21% over the year and 12.7% below January’s numbers. “The general sentiment from consumer surveys is that now is not a good time to sell a home because of COVID, economic uncertainty and social unrest, but the data is saying the opposite,” Hale says. “Home prices are back to their pre-COVID pace and we're seeing listings spend slightly less time on the market than last week. But the housing market still needs more sellers in order to meet the surge in demand.
According to Realtor.com’s data, Las Vegas and Denver have bounced back the most thus far, followed by Boston, San Francisco and San Diego. Here’s a quick look at the most-recovered markets so far. Data courtesy of Realtor.com On the other end of the spectrum is Buffalo, New York, which came in with a recovery index of 61 and Columbus, Ohio . Other cities at the bottom of the list were Providence, R.I., and Chicago.... [+]Price-wise, Pittsburgh has recovered the most, followed by Minneapolis-St. Paul. Louisville, Cincinnati, and Austin, Texas, also have above-national-average price growth compared to January.
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The economic meltdown hasn't started yet, but thankfully POTUS extended the Paycheck Protection Program He may be able to get out the economy out of this
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