Page 16 - Green Builder Nov-Dec 2020 Issue

A SUSTAINED SURGE?

The housing market is proving to be a bright spot in the economy—at least for now. Housing 340,000

sales are strong, inventory is limited, prices are stable, and mortgage rates remain low. 320,000

300,000
280,000
DOLLARS 260,000

240,000
220,000

210,000
180,000
160,000

S OMEHOW, WHILE busi- result in a “short but sharp” event, with a COVID or no COVID, people continue to

shop, inventory and interest rates remain
steep tumble during summer and recovery
nesses large and small
starting in fall. But that projection went
low and home prices continue to rise. “This
have perished in this
out the window with the massive wave of
COVID-19 crazy world,
trend shows that the housing market is as
strong as it was during the housing bubble,”
new infections to hit the nation (and the
the home sales and con-
struction industries have
Santarelli says. “We typically see a decline
world) starting in late October. Questions
managed to survive.
market before the end of November. If this
“swoosh” recovery, it’s likely that there will
But how much longer
before they also have to pay the piper? now abound—rather than a “V,” “W,” or in demand and a big increase in time on the
trend remains steady in the weeks ahead,
be waves of recovery, with ebbs and ‘ows,
According to numerous experts, not for until there a reliable and safe vaccine is that points to a seasonal slowdown, but if
a while: three months, six months, even fully distributed. the time on market shrinks by a greater
a year from now, depending on who you Not to worry, according to Marco amount, that’s a signal that–2020’s housing
talk to. Most economists had originally Santarelli, CEO of Norada Real Estate market is going to remain hot even during
projected that the coronavirus would Investments in Laguna Niguel, California. holidays.”
14 GREEN BUILDER November/December 2020 www.greenbuildermedia.com
12-28, 32-36 GB 1120 State of the Industry.indd 14 12/10/20 6:49 PM