The delay in the spring market lasted about 2 months. The market typically heats up in March, this year it wasn’t until late May that mortgage applications ramped up.
What is fueling the fall market?
Record-low mortgage interest rates
Need for more spacious, multifunctional homes
People no longer concerned about living close to their office
Timelines that no longer revolve around the start of the school year
First time buyers wanting a place of their own
2020’s housing market is outperforming 2019’s market. National Association of Realtors Chief Economist Lawrence Yun predicts this year’s home sales end up higher than the 5.34M homes sold last year.