U.S. housing industry stands poised to lead the economic rebound once social distancing and other virus mitigation efforts show success in containing the coronavirus pandemic.
NAIOP is predicting that the coronavirus outbreak will accelerate trends that had been forming in commercial real estate and cause dramatic changes in the industry faster than had been anticipated.
Affordable East Coast and Midwest cities have the lowest overall economic risk in the 2020 recession that began in March 2020.
According to new data from the Mortgage Bankers Association's Weekly Mortgage Applications Survey for the week ending March 27, 2020, U.S. mortgage applications increased 15.3 percent from one week earlier.
Each of the four major regions saw an increase in month-over-month contract activity, as well as growth in year-over-year pending home sales transactions compared to one year ago.
Residential construction industry as an "Essential Infrastructure Business"
Zillow research is now reporting that American renters who work in food and retail industries can find themselves spending 40% of their annual income on housing costs if they are unable to work for two months
The median U.S. home price in the first quarter of 2020 was unaffordable for average wage earners in 319 of 483, or 66 percent of the U.S. counties analyzed in the report.
It has been a wild ride for mortgage rates over the past month, which touched record lows then rebounded just as fast.
Given growing U.S. housing market uncertainty caused by the recent Coronavirus outbreak, Zillow Group announced this week it will pause home buying in all 24 U.S. markets where Zillow Offers currently operates in response to local public health orders related to COVID-19.
Sales of newly built, single-family homes fell 4.4 percent to a seasonally adjusted annual rate of 765,000 units in February 2020, coming off a sharp upward revision in January 2020.
According to the National Association of Realtors, U.S. existing-home sales climbed substantially in February 2020 after a slight decline in January.
National rent increase of 2.9% year over year, down slightly from a 3.2% year-over-year increase in January 2019. Rent prices are now increasing at double the rate of inflation, presenting affordability challenges among current and prospective renters.
Total housing starts decreased 1.5 percent in February 2020 from an upwardly revised January reading to a seasonally adjusted annual rate of 1.60 million units.
The level of U.S. commercial and multifamily mortgage debt outstanding at the end of 2019 was $248 billion (7.3 percent) higher than at the end of 2018.