How Will COVID-19 Affect Home Prices and Affordability?
COVID-19 has already had a dramatic effect on the real estate market. In barely more than a month, the crisis has halted what was shaping up to be one of the most active spring sales seasons in history. These past weeks, we’ve seen home showings come down 18% relative to last year, weekly volume of new listings drop 49% year-over-year, and mortgage forbearances jump to 6% of all mortgages outstanding. Many of us are now anxiously wondering: what effect will this have on home prices? Data from the housing market has given us valuable clues since the onset of the … Continue reading How Will COVID-19 Affect Home Prices and Affordability?