Realtor.com’s recent report says that the U.S. housing market has recovered from the disruption caused by the pandemic and returned to January 2020 growth levels. The Realtor.com’s Housing Market Recovery Index reached 101.0 nationwide for the week ending July 18, bringing the index above the pre-COVID recovery benchmark for the first time since March.
The pace of home sales has now recovered with inventory moving faster than this time last year – but supply remains the critical missing piece in the recovery. The Northeast now leads the recovery with the overall index now visibly above the pre-COVID benchmark. The West (105.5) remains above recovery pace and continues to improve, while the South (97.9) and Midwest (97.3) are still lagging but regaining momentum. Half of the largest 50 markets in the country are now above the recovery benchmark, with the overall index showing the greatest recovery in Boston, Seattle, New York, Philadelphia, and Denver.
All of this shows that with the opening up U.S economy, the key housing indicators have begun to turn around. Yearly declines in newly listed inventory have slowed and listing prices have recovered after reaching their low point during mid-April. However, homes for sale remained on the market for more than two weeks longer than this time last year due to stay at home orders and new normal resulting from COVID-19 pandemic. Nationally, the typical home spent 72 days on the market in June, 15 days more slowly than June of last year.
See the detailed report Realtor Full Report