Although the underlying concern with COVID-19 remains a factor, buyers are still returning to their much-anticipated home searches.
Here are a few things driving home sales:
Supply: New listings continue to increase each week. Although sellers are listing homes at a slower pace than usual, homes are steadily returning to the market as consumer confidence continues to rise.
Demand: Online search activity continues to rise as homebuyer's interest in home searches increase. Low supply levels are bringing about increased home showings and multiple competitive bids on those homes.
Home prices: The asking prices of homes has risen at a higher pace in comparison to the pre-COVID-19 market. Limited supply and higher buyer demand has given leverage to sellers.
Bottom line: As the national real estate market continues to slowly improve post-COVID-19, a resurgence in pockets of states could hinder a bounce back in those areas. Moreover, areas of the country that had strong labor markets prior to the virus should continue to see the real estate market return faster.