The epidemic reshapes the real estate market

category:Finance
 The epidemic reshapes the real estate market


In September, the housing price index of 20 cities rose 1.27% on a quarter on quarter basis, and 1.35% in the previous month. The U.S. national house price index rose 1.4% month on month in September, and 1.32% in the previous month.

In the new crown epidemic, the unemployed Americans moved to the suburbs to expand their living space, and the demand for house purchase increased sharply. In addition, because the company allows employees to continue to work from home, second-hand housing sales are also fast. In some areas, bidding wars are becoming more common.

House prices have been driven up by soaring demand and still short supply, said mark Vitner, senior economist at Wells Fargo securities. People are staying at home more and more, so they are less inclined to sell now.

Matthew Speakman, an economist at zillow, called the rise in house prices staggering from the usual seasonal pattern.

While the path of overall economic development may most directly depend on the development of the epidemic and political situation in the coming months, recent trends suggest that the property market, which has withstood all the epidemic related challenges so far, will continue to be strong in the coming months, Speakman said in a statement.

According to data released by mortgage giant Freddie Mac on the 19th, the average 30-year fixed mortgage rate in the United States further fell to 2.72% this week, the lowest level in nearly 50 years since the survey began; it is the 13th record low since the survey began. The 15-year fixed mortgage rate fell to 2.28% this week. Slowing consumer spending has pushed mortgage rates to new lows, said Sam Khater, chief economist at Freddie. Although economic growth is not stable, strong real estate demand continues to have a domino effect on other sectors of the economy. However, with house prices rising strongly, the benefits of low mortgage rates may not be enough to improve affordability. Real estate website realtor.com Chief economist Danielle Hale said mortgage rates could rise in the coming months to test the durability of the sales boom, and the increase in new crown cases could also affect future home sales. Source: Wall Street news editor: Wang Xiaowu_ NF

According to data released by mortgage giant Freddie Mac on the 19th, the average 30-year fixed mortgage rate in the United States further fell to 2.72% this week, the lowest level in nearly 50 years since the survey began; it is the 13th record low since the survey began. The 15-year fixed mortgage rate fell to 2.28% this week.

Slowing consumer spending has pushed mortgage rates to new lows, said Sam Khater, chief economist at Freddie. Although economic growth is not stable, strong real estate demand continues to have a domino effect on other sectors of the economy.

However, with house prices rising strongly, the benefits of low mortgage rates may not be enough to improve affordability. Real estate website realtor.com Chief economist Danielle Hale said mortgage rates could rise in the coming months to test the durability of the sales boom, and the increase in new crown cases could also affect future home sales.