It’s no secret that the COVID-19 pandemic has turned the real estate market into a wild domain. If you’re looking to buy or sell a home, you’re likely eager to know how long this will last and what the latest real estate trends are.
In June 2021, home prices across the U.S. surged 24.8% year-over-year — to a median sale price of $386,888 — according to Redfin. During the same time period, the number of homes sold increased 20.6% and the number of homes for sale tumbled 39.6%.
Mortgage rates have reached record lows during the pandemic and have once again been on the decline since late June. Specifically, the 30-year fixed-rate mortgage was 3.02% on June 24, dropping to 2.78% on July 22.
While an economic upturn was predicted, the Delta variant could send that to a screeching halt. On July 27, the Centers for Disease Control and Prevention reinstated their recommendation that fully vaccinated people in areas of substantial or high transmission wear a mask indoors.
Only time will tell if additional COVID-19 restrictions will return, and how this could impact the housing market and real estate trends. However, several real estate agents and experts have weighed in with their opinion of what the market will look like for the rest of the year.