For San Mateo County housing market, home sales surged in July. And, it’s not the only market seeing such a surge. In fact, the whole, July 2020 domestic housing market surged. Across the country, it trended upward, from June through July. Although, add to that lots of buyer competition. As a result, prices didn’t slip. At the same time, inventory was hit with low supply.
July 2020 Domestic Housing Market Activity Overview
Existing home sales, on a month-to-month basis were up by about 24.7% in July. And, that includes single-family homes, townhomes, condos and co-ops. Reference recent NAR Report. In fact, the latest data implies there has been a steady rise in sales this quarter. Also, that goes for all four, main market sectors. By the way, for those who want to know, the number of sales totaled 5.86 million in July.
July 2020 domestic housing market activity showcases the general consensus that the market moved out of recovery mode. And, there have been more home sales than in pre-pandemic phase. That said, many have been left asking the question. “What was a catalyst for the boom?” As a result, some pundits credit the pandemic panic. They say it’s due to many people shifting to remote work for their jobs. Then, they became buyers looking for better housing options. Although, a second catalyst to the booming market must be mortgage rates. In fact, they are still historically low. And, that gives them almost irresistible appeal. You can be sure buyers have advanced their goals with ultra-low mortgage rates in mind.
The surge in our nation’s housing market into July has proven to be a lift for the economy. And, it has helped renew many areas. Renewing them even in these tough times. Although, a general recovery is still in full swing. That said, we need more homes built now! In fact, we need more home inventory rolling in.