01/27/2021 Blog Home Contact
The Five Housing Trends of the Past Pandemic Year
- One: Buyers competed more intensely for fewer homes
- Two: More first-time buyers
- Three: More vacation home buyers and sales in suburbs, rural, small towns, resort areas
- Four: Buyers looked for bigger homes and home features to support working from home
- Five: Rise, then decline, in the fraction of buyers purchasing a property based on virtual showing only
What Does 2021 Look Like?
The year 2021 can only be better for the housing market than 2020, with the economy continuing to improve in 2021 under continued low mortgage rates, higher fiscal spending, and aggressive COVID-19 immunization. The National Association of Realtors projects existing-home sales to increase to 6 million in 2021 (from 5.6 million in 2020). Low mortgage rates hovering at 3% will continue to attract first-time and repeat buyers. Housing starts have started to increase, to an annualized rate of 1.7 million as of December, and if this pace continues, the higher supply will help keep prices from appreciation at double-digit rates by the second half of the year.
National Association of Realtors
