Weekly Special | March 16, 2020
Even When Down, Home Sales Are Strong
Year over year home sales fell 5% in February, the first declining month reported since July of last year.
Even with this minor drop, the housing market is strong and has started off with more home sales than all but two years in the past.
The Keys To This Year’s Sales 3 primary factors that I see impacting the housing market are mortgage rates (very low, good for sales), inventory (very low, not good for sales), and the big variable, the coronavirus (unknown). Will the spread of the virus follow history and slow in warmer months, or will this be something that shuts down industry and stops buyers from moving?
History favors optimism, so my hope is that we beat this evil virus soon..
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