Is Real Estate America’s Rock During the Coronavirus Crisis?
By Shannon McGahn
It's been a rough few months for the economy, and we could all use a little good news.
For America's 81 million homeowners, here is some: While retirement accounts and the stock market may have cratered, home values are hanging tough.
The National Association of REALTORS® (NAR) reports the median existing-home price for all housing types in March was up 8 percent from March 2019 as prices increased in every region.
And with a proper recovery and the right policies, there is a great chance that home values will remain fairly stable even as home sales temporarily fall while Americans shelter-in-place.
The pandemic also hasn't stopped real estate transactions outright like in many other sectors. A recent survey of NAR members found that one-quarter of REALTORS® had at least one client go under contract during the second week of April without physically seeing the property. Deals are proceeding with the growing use of new technology like remote notarization.
Even those pausing their real estate transactions still plan to buy and sell once again within a few months.