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New Forecast Sees Up And Down Recovery

The ups-and-downs of the housing market are usually fairly predictable. Based on things like the number of homes for sale, prices, mortgage rates, and residential construction, you can get a feel for whether buyers will come out or wait for better conditions. However, during a pandemic, the predictable becomes unpredictable, as the virus changes how, where, and when we feel comfortable making a move. Nevertheless, a new forecast from the National Association of Realtors’ consumer website makes a prediction about what will happen to the housing market in the months ahead. According to their outlook, the market will rebound in the summer and early fall before slowing again near the end of the year. “The path forward for home sales will resemble a W shape with home sales rebounding in July, August, and September as fears of the coronavirus taper off and buyers return to the market to make up for the lost spring home buying season before dipping again in the final months of the year as virus infections spike again and the lingering impact of the high unemployment rates are felts,” the site’s press release says. (source)