The coronavirus has impacted virtually all industries and supply chains. The rate of unemployment rose to 14.7% in April, an unprecedented spike from roughly 3.8% in February. That number is still climbing as the pandemic runs its course throughout the United States and its economy. Springtime is traditionally when the real estate boom of the year takes place – but with coronavirus, has this year been different for the housing market?
Following the crash of the stock market in February and with the beginning of shelter-in-place and stay-at-home orders throughout the country, the housing market screeched to a halt in late March. In many places around the country real estate agents couldn’t conduct showings or meet buyers and sellers for final closings. A Gallup poll conducted at the time showed that only half of Americans thought it was a good time to buy a home.
In the second half of April things started to look a little brighter. The last week of April saw mortgage applications rise 12% from the previous week. Mortgage rates remained at a record low (3.33% for a 30 year fixed-rate mortgage), making it easier to purchase a home for many
While the coronavirus is sure to continue to make life feel a bit differently than it felt before, Spring 2020 may still be an opportune time to buy a home for many.
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