Unlike many struggling businesses the housing market defied expectations and surged during the COVID-19 pandemic. “…– and that isn’t likely to let up heading into the winter months, says National Association of Realtors® (NAR) Chief Economist Lawrence Yun, chief economist of the National Association of REALTORS® during the “Residential Economic Issues & Trends Forum” at the virtual 2020 REALTORS® Conference & Expo.
“2020 has been a year of surprises,” Yun said during NAR’s virtual convention – notably with a robust housing market in the middle of a global pandemic.
Yun’s 2021 housing forecast and a recap of 2020 forecast
- Mortgage rates: 3.1% (3% for 2020 forecast)
- New-home sales: +23% (+20% for 2020)
- Existing-home sales: +9% (+3% for 2020)
- Home prices: +3% (+6% for 2020)
- GDP growth: +4% (-5% for 2020)
- Job gains: +3 million (-7 million for 2020)
- 10-year treasury: 1% (0.9% for 2020)
- Consumer price inflation: 1.6% (1% for 2020)
The greater Cincinnati continues to chug along with rising prices and not enough homes for sale.
Another view of the national real estate market from Realtor.com
