Brewer Realty Group has seen a definite surge in Real Estate demand here in Central Florida. I have talked to several folks who just cannot find that home their looking for because there are so few on the market.
It seems as if the housing market has staged a furious comeback this summer, even as the economy struggles to regain its footing after being knocked into a recession due to the coronavirus.
After stalling in the first few weeks of the pandemic, U.S. home sales have surged in recent months to the highest level in more than a decade. Brewer Realty believes that this is a good and bad thing as we now have a real shortfall in available properties on the MLS.
The strength in housing has been driven by ultra-low mortgage rates, fierce competition for a chronically low inventory of properties on the market and a wave of millennial's and others increasingly vying to become homeowners.
At the same time, the uneven economic fallout from the pandemic, which has hurt many low income Americans while leaving many white collar workers relatively unscathed, has helped keep the downtrodden economy and job market from being a drag on the housing market’s comeback.
Sales of previously occupied U.S. homes have risen three months in a row after slowing sharply in March, April and May. They climbed to a seasonally adjusted annual rate of 6 million homes in August, the fastest pace since December 2006, according to the National Association of Realtors.
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Brewer Realty Group