The National Association of Realtors Chief Economist, Lawrence Yun, released a video report that dissects the latest homes sales numbers, talks about what could make the market even stronger, and forecasts what’s ahead in housing.
Even though the economy is not back to normal with double-digit unemployment rates due to covid-19, those buyers who have secure employment are trying to take advantage of the record-low interest rates.
At the time of his report, Yun said there are 1.5 million homes on the market nationwide, representing about a three-month supply.
A normal, more balanced market condition would be closer to five to six months supply, supporting the continued trend of the current sellers market we are experiencing.
In Maryland, the most up-to-date reported figures for July by Maryland Realtors Association chart reflects a 1.9-month supply statewide, and 2.5-month supply for Worcester County and 2.3 for Wicomico counties specifically.
Yun states that an additional buyer demand could come from the secondary impact of the pandemic for those who are allowed to continue to work from home more frequently then before the pandemic.
Many will want larger sized homes that can accommodate more office space, and possibly a continuation of more people migrating to the suburbs over the city where homes can be larger and less expensive.
In closing, Yun wrapped up by saying he predicts greater home sales for the remainder of 2020 due to a combination of record low mortgage rates and increased demand from those who have work from home flexibility.
Lauren Bunting is a Broker with Keller Williams Realty of Delmarva in Ocean City, Maryland.
