Experts Weigh-In on the Remarkable Strength of the Housing Market
Logan Mohtashami, Lead Housing Analyst at HousingWire:“Whether in terms of pending contract activity or our proprietary buyer demand ratings, the various measures of demand captured in this month’s survey can only be described as shockingly strong, in spite of the resurgence in COVID-19 cases.”
Matthew Speakman, Zillow Economist:“Existing home sales are still down year over year by 11.3%, but as crazy as this might sound, we have a shot at getting positive year-over-year growth…We may see an existing home sales print of 5,510,000 in 2020.”
Todd Teta, Chief Product Officer for ATTOM Data Solutions:“In a remarkable show of resilience, the housing market has stared the pandemic right in the eye and hasn’t blinked.”
Ali Wolf, Chief Economist of Meyers Research:“The housing market across the United States pulled something of a high-wire act in the second quarter, surging forward despite the encroaching economic headwinds resulting from the Coronavirus pandemic.”
Clare Trapasso, Senior News Editor of realtor.com:“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.”
Bill Banfield, EVP of Capital Markets at Quicken Loans:“Despite the crippling and ongoing coronavirus pandemic, millions out of work, a recession, a national reckoning over systemic racism, and a highly contentious presidential election just around the corner, the residential real estate market is staging an astonishing rebound.”
Economic & Strategic Research Group at Fannie Mae:“The pandemic has not stopped the consistent home price growth we have witnessed in recent years.”
Mark Fleming, Chief Economist at First American:“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.”
“It seems hard to deny that when one looks at many of the housing market statistics, a “V” shape is quite apparent.”